Former Infosys CFOs and board members TV Mohandas Pai and V Balakrishnan have invested Rs 1 crore in Pune-based online tax information portal Taxsutra.
Last year, the duo invested Rs 1.5 crore in Bangalore-based compliance ERP provider Clonect Solutions. Taxsutra provides real-time information and analysis on taxation and corporate law. It has 1,500 subscribers and over 5,000 tax professionals who receive daily alerts on taxation and law. Cofounded in 2011 by media & tax professionals Arun Giri, Ameya Kunte and Arun Anant, it operates four leading B2B online subscription-based portals on direct tax, indirect tax, transfer pricing and corporate law.
Balakrishnan said, “Leading corporate boards today are struggling with lack of quality information and analysis to mitigate their risks while taking business decisions. Taxsutra provides that critical information backed by a high-quality team of founders and professionals. The portal provides insights on compliance and regulatory landscape in the country and overseas. We are happy to back this first-of-its-kind, made in India venture.”
Giri said the four-year-old company would deploy the money to launch new products and strengthen its technology play.