Prosperr.io, an artificial intelligence-driven startup specializing in income tax solutions, has successfully raised $1.5 million in a pre-seed funding round led by Silicon Valley investor Gokul Rajaram.
The funding round also saw participation from prominent Indian angel investors, including Livspace founder Ramakant Sharma, CEO Saurabh Jain, and Cred founder Kunal Shah.
Founded by Manas Gond and Dev Kumar in March 2022, Prosperr.io aims to streamline income tax management for salaried individuals through its subscription-based services. The startup’s offerings include the Super Saver Product, catering to individual tax planning needs, and Prosperr-FBP (Flexi Benefits Plans), a business-to-business solution that aids employers in providing non-taxable allowances to employees.
The funds raised will primarily bolster Prosperr.io’s technological infrastructure, enhance product capabilities, and bolster sales and marketing efforts. Additionally, the investment will further develop the company’s AI-driven tax advisor platform, aimed at simplifying tax compliance and maximizing savings.
Currently employing 50 professionals, Prosperr.io anticipates achieving an annual recurring revenue (ARR) of $2 million by year-end, a significant increase from its current ARR of $700,000. Gond noted that their B2C product boasts 10,000 paid customers, while the recently launched B2B product has already secured adoption by five companies, potentially increasing employee in-hand salaries by 8-10%.
Prosperr.io competes in a competitive landscape that includes established players like ClearTax in India and TurboTax in the US. With this recent funding infusion, Prosperr.io aims to solidify its position as a leader in AI-driven tax solutions, catering not only to the Indian market but also eyeing global expansion in the future.