Income tax return e-filing startup ClearTax has acquired audio streaming platform Dose FM for an undisclosed amount.
The acquisition will help the company to expand its presence in the financial technology segment and will address the monetary needs of individuals and micro, small and medium enterprises, ClearTax said in a statement.
Archit Gupta, founder and chief executive officer at ClearTax, said the move will also help the firm to enhance its mobile capabilities and build its accounting, analytics and governance products.
Bengaluru-based Dose FM was founded in 2017 by Abhishek Damodara, Akhil Appanna and Rishabh Harit. The company, which received seed funding in August, says it lets users create and share audio clips and shows across a variety of topics.
The firm claims to have over 30,000 listeners and 10,000 creators.
ClearTax, which is operated by Defmacro Software Pvt. Ltd, was founded in 2011 by Archit Gupta, Raja Ram Gupta, Srivatsan Chari and Ankit Solanki.
Besides e-filing of income tax returns, the firm currently offers a mutual fund investment portal, Goods and Services Tax (GST) software, an EWayBill generator, digital signature certificate (DSC) utility and business compliance services.
In October last year, the Bengaluru-based company raised $54.2 million (around Rs 400 crore), with the Hong Kong-based investment firm Composite Capital Management leading the investment round. Existing investors Sequoia Capital and SAIF Partners were also expected to put in money in that round.
Prior to that, it raised capital in June 2016, when it secured $12 million (over Rs 80 crore) in a Series A round led by Ravi Adusumalli of SAIF Partners.