ClearTax acquires Dose FM, set to expand services to SMEs and individuals

In order to become a one-stop-shop for financial needs of individuals and MSMEs, ClearTax today announced its acquisition of Bangalore-based audio streaming platform Dose FM for an undisclosed amount. The acquisition will bolster the Tax & Investing platform's mobile capabilities, it revealed in a statement.

The acquisition will also enable the platform to rapidly build accounting, analytics and governance products to expedite its mission to solve financial problems of MSMEs and individuals, it said, adding that businesses in India have leapfrogged from desktop to mobile and ClearTax understands this shift. Business owners and individuals are increasingly adopting mobile products for day to day business and financial planning, it noted.

“With small businesses comprising a staggering 99.6% of total businesses across India, ClearTax will soon introduce best-in-class solutions focussed on solving their accounting, analytics and governance problems,” said Archit Gupta, Founder & CEO, ClearTax, adding “And Dose FM will help us expand our offerings. The purpose of this acquisition is to utilize the team’s potential to build mobile focussed products for simplifying financial lives of businesses and individuals.”

Founded in January 2018 by Abhishek Damodara, Rishabh Harit and Akhil Appana, Dose FM helped thousands of Indians to create and stream live audio shows with significant adoption in Tier 2 cities.

Commenting on the development, Abhishek Damodara, CEO, and founder of Dose FM, said, “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."

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Notably, ClearTax is a financial-technology platform company providing software and services including Tax filing, TaxCloud, TDS Returns, GST, Mutual Fund Investments and CA & legal services, designed to empower individuals, accountants and MSMEs. The platform has served over 5 million Indian taxpayers to e-File their Tax Returns, about 6 lakh businesses, 60000 CAs and tax professionals, and over 1,000 large enterprises have utilized our GST Software for GST-compliant billing and filing returns.