Tax-filing and investment platform ClearTax has announced the acquisition of Mumbai-based audio streaming platform Dose FM for an undisclosed amount.
In a statement, ClearTax said that the acquisition would help enhance its mobile offerings and enable it to rapidly build simpler products across areas like accounting, analytics, and governance, helping the startup to further expedite its mission to solve financial problems of MSMEs and individuals.
ClearTax went on to elaborate upon the main reasons for acquiring Dose FM, which are –
Another reason for this acquisition is ClearTax’s objective to utilise the team’s potential to build mobile focused products for simplifying financial lives of businesses and individuals.
After the acquisition the 4-member team of Dose FM will work with ClearTax
Dose FM was founded in 2018 by Abhishek Damodara, Akhil Appanna, and Rishabh Harit. The startup lets users create and share audio clips and shows across a variety of interests.
At present, Dose FM offers a live audio creation tool for creators which helps them interact with listeners and co-host shows with their friends. It claims to have more than 30K active listeners and 10K creators.
Dose FM was also a part of LightSpeed India’s Extreme Entrepreneur programme in the past year. The startup has raised seed funding from an AngelList syndicate led by Utsav Somani and Abhishek Madhavan of Loco and MPL.
Speaking on the acquisition by ClearTax, Abhishek Damodara, CEO and Co-founder of Dose FM added –
With experience in building consumer products for the Indian market, we resonated with ClearTax’s mission of building mobile-first solutions that will impact crores of Indian business owners and help simplify their lives.”
The Dose FM app, as per sources, might be shut down post the acquisition.
ClearTax was founded in 2011 by Archit Gupta, Raja Ram Gupta, Srivatsan Chari, and Ankit Solanki. The startup, backed by Y Combinator, currently provides a variety of services to its Indian customers. The customers of the company include tax preparation, e-filing, accounting and investment planning solutions for individuals and businesses.
ClearTax has more than 5 million Indian taxpayers on its platform, who use it to e-file their tax returns. The ClearTax GST software is currently used by 6 lakh businesses, 60000 CAs and tax professionals, and over 1000 large enterprises.The startup has a big demand from smaller cities and towns via mobile. Tier 2 and 3 markets are relying on mobile for GST, as the government proceeds with making a digitised economy.
The continuously evolving audio industry alongside a shift in technology to digital and also the changes in the consumption of content by listeners are consuming music has totally changed the face of the game. With audiobooks by Amazon and Google creating buzz as well as music streaming players such as Gaana and JioSaavn leveraging podcasts, audio content creators have a multitude of platforms to create their shows.
How ClearTax leverages audio-focussed content will determine its fate.
Between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn, out of which 25.49% ($1.94 Bn) was for lending tech startups.