Verve Financial Services’ compliance and regulatory service provider IndiaFilings.com announced on Monday that it has completed a $4.3 million secondary sale, bringing on board BeeNext, Udtara, and angels. The promoters and early angels of the bootstrapped company sold some of their shares to the incoming investors.
IndiaFilings, founded in 2014, offers over 200 services to small businesses to help them stay compliant and manage their regulatory requirements. To provide regulatory and accounting services at scale, the company leverages its in-house technology stack. The company is profitable and has a revenue run rate of more than Rs 50 crore.
The company currently provides services in a variety of industries, including business registration, taxation, accounting, banking, and intellectual property. The company launched the Ledgers Accounting Platform in 2018 to assist SMBs and individuals with tax filing services.
“We are happy to partner with BeeNext and Udtara Ventures in our journey of building together. With this investment, we are looking to double our revenue, introduce newer products and grow our customer base further,” said Lionel Charles, CEO and founder, IndiaFilings.
The firm claims to be profitable, with an annual revenue run rate of more than Rs 50 crore. With 500 employees and close to 1 lakh paid customers, the platform is currently used by over 50,000 people for a variety of services, according to the company.
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