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Clear (Cleartax) revenue jumps; losses decline in FY24
14 Dec 2024, 04:59 AMThe company cut down its total expenses by 9.8% to Rs 310 crore in FY24, against Rs 343.67 crore reported in the previous fiscal.
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Taxation service provider Clear (Cleartax)’s revenue from operations jumped to Rs 209.84 crore in FY24 from Rs 108.77 crore in FY23.
The company offers accounts payable, e-invoicing, and invoice discounting, organized under three main categories: Finance Cloud, Compliance Cloud, and Supply Chain Cloud.
Clear generated 91.5% of its revenue from software subscription and support services which grew to Rs 191.9 crore in FY24, as compared Rs 104 crore reported in FY23, Entrackr reported.
Employee benefits declined by 19.4% to Rs 202.57 crore in FY24, compared to Rs 251 crore in FY23. Expenses on web hosting and software support remained the second largest expense centre after employee benefits --which increased by 17.7% from Rs 33.65 crore in FY23 to Rs 39.61 crore in FY24.
The company cut down its total expenses by 9.8% to Rs 310 crore in FY24, against Rs 343.67 crore reported in the previous fiscal.
Clear reduced its losses by 58.8% to Rs 96.24 crore in FY24, as compared to Rs 233.5 crore in FY23.
The company has raised $140 million till date from investors such as Kora and Composite Capital Management.
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