The funds raised will be used by the startup to build its own income tax return filing service for the online trading community which will be integrated with Zerodha to allow its customers to upload and file their income tax returns.
Rainmatter is an initiative by Zerodha, an online stock trading startup, aimed at funding and incubating innovative fintech startups in India.
The latest investment by Rainmatter will be their fifteenth such investment. So far, Rainmatter has invested in startups like micro-savings platform Balance, options trading platform Sensibull, thematic investment platform Smallcase, credit card bill payment app CRED and online marketplace for fixed income instruments GoldenPi.
Founded by Vishvajit Sonagara in 2015, Quicko aims to simplify taxes for both individuals and businesses through its tax planning, preparation and filing platform. Working on a freemium model, the startup enables the users to file their own income tax returns for free but charges a fee to import their investment and financial data.
Quicko boasts of helping over 11,000 traders to file their income tax returns in the last one year. For the next year, the startup is looking to help 100,000 traders and become a leading platform for online tax filing in India.
Talking about the benefits of the platform, Vishvajit Sonagara, Founder of Quicko, said, “This drastically brings down the cost, so much so that we’re able to offer tax filing for traders at Rs 2,500 as opposed to the Rs 15,000-20,000 that a chartered accountant would charge them in the traditional market. This solves a big problem for many first-time traders.”
Other Indian startups competing with Quicko in the space include ClearTax, H&R Block India and myITreturn, among others.