India’s recent general election, with a massive 870 million eligible voters, has brought the country into the global spotlight as it continues to grow economically. India’s economy has been outpacing competitors like China, leading to an increase in wealth and more people paying income tax. This growth has created opportunities for tech-enabled companies like Prosperr.io, which has just secured a $1.55 million pre-seed funding round to capitalize on this trend.
Founded in March 2022, Prosperr.io targets individual taxpayers in India who earn a salary but find it challenging to navigate the country’s complex income tax system. With the number of tax filers in India increasing by 9% in 2023 to 81.8 million, the market for tax compliance software is rapidly expanding. By 2047, the Indian Government estimates that this number could reach into the hundreds of millions.
Prosperr offers subscription products designed to help taxpayers manage their income tax affairs efficiently. These products are developed with input from professional accountants and utilize artificial intelligence to assist customers in claiming all eligible reliefs and exemptions, as well as monitoring their tax liabilities continuously.
The company’s flagship service, Super Saver, is aimed at individual taxpayers and provides real-time tracking of income and spending to offer personalized tax liability assessments and strategies to reduce taxes while remaining compliant. On the other hand, Flexi Benefits target employers with more than 500 employees to ensure tax compliance and optimize take-home pay for their staff.
Prosperr’s founders, Manas Gond and Dev Kumar, aim to provide a more engaging and cost-effective alternative to traditional accounting services. They have already attracted 7,000 taxpayers to their Super Saver service and project annual recurring revenues of $1 million in the near future. Their long-term goal is to onboard 5 million users and generate $100 million in annual revenue by 2028.
To achieve this ambitious target, Prosperr plans to expand internationally, starting with a launch in the US market. While the US market is competitive, with established players like Intuit and Credit Karma, Gond and Kumar believe that continuous product development and AI enhancement will set Prosperr apart.
The recent pre-seed funding round, led by angel investor Gokul Rajaram and supported by industry veterans, underscores the confidence in Prosperr’s mission to revolutionize personal finance management globally. With a focus on data-driven solutions and intent-based personal finance tools, Prosperr aims to become the go-to platform for tax optimization and financial planning for individuals and employers worldwide.