Mobile wallet turned eCommerce marketplace Paytm continues its funding spree and this time the giant has invested an undisclosed amount of funding in two companies- AbhiBus and Clear Tax. The official announcement is still undisclosed by both the firms.
AbhiBus is a bus ticketing platform which recently launched its own wallet Abhicash, but that service has been closed. Paytm itself also offers a bus ticketing service and this investment may be related with a backward integration or even a possible acquisition in the future.
ClearTax is a income tax filing website that was founded in 2011 by father-son duo of Archit and Raja Ram Gupta, along with Ankit Solanki and Srivatsan Chari. In 2014, it had secured $120,000 in funding from Silicon Valley-based startup accelerator Y Combinator (YC). It also offers a cloud platform for Chartered Accountants and tax professionals in India along with allowing people to file their tax returns. Other online ventures such as Taxsmile and Taxspanner are also operating in the same space.
Paytm has been investing heavily lately. Prior to these investments, the firm has invested in Gadgets 360, an NDTV eCommerce ventures, logistics and data analytics firm LogiNext and hyperlocal ondemand service provider Jugnoo. In July,2015, Paytm Founder and CEO, Vijay Shekhar Sharma had made an investment of an undisclosed amount in fitness tracker startup GOQii Technologies.