UPI has crossed 7B transactions, e-inv+GST is at 2B transactions.As India makes every invoice electronic, e-invoicing is predicted to surpass UPI volumes.Clear is proud to help India scale this ambition.
Clear, India’s leading fintech SaaS company has announced the launch of its Invoice Registration Portal (IRP) services that offers cutting edge infrastructure to generate e-invoices for the nation. This IRP license was awarded to Clear by GSTN.
With the launch of IRP services via private players, India has launched a new operating model that will be a role model for every developing nation. Additionally, commerce and trade in India should benefit dramatically from the increased trust built on top of real time, fully reconciled, traceable data systems that acts as a support system for payments, shipments, invoices, financing, taxes and withholdings.
Clear, as an Invoice Registration Portal (IRP), will aim to provide the best user experience and back end for the nation. The Government anticipates a large number of electronic invoices to be generated through and registered with the IRPs. Clear will build the best system imaginable with functionality for the largest businesses as well as the smallest businesses and also for technology companies serving India. Our infrastructure will simplify the operational challenges, and will allow tax compliance to become seamless.
Archit, Founder and CEO, Clear said at the launch, “This infrastructure will be largely digital and therefore be affordable, scalable, modern, secure and pervasive at the same time. The government authorities are creating a great partnership with private players to bring this vision to life. Clear is excited to be one of the selected ones. These digital innovations will result in ease of business and fuel innovation at an individual level and at a company level - both small and large.”
During the formal launch on of IRP services on the 03rd March 2023, Dr Pankaj Dikshit, Senior VP of GSTN commented that “This is a big step in the digitization journey of bringing multi-fold efficiency in the end-to-end business process flow for trade and commerce in India.”
Clear will build products that include form factors and languages that will increase access for all, long term archival, retrieval and data systems for those that do not have sophisticated infrastructure, infrastructure to share and receive invoices, automation for finance functions including those dealing with your vendors and customers, and affordable financing options for all of our ecosystem.
Clear (formerly ClearTax), is India’s leading fintech SaaS company with the mission of simplifying finances for Indian businesses and individuals. We are trusted by over 5 million Indian taxpayers, more than a million tax practitioners, 600,000 small businesses, and 4,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, and a range of managed services and credit. For tax professionals, we offer comprehensive GST compliance, ITR, and TDS filing solutions. For individuals, we offer tax compliance and wealth management. Clear has raised $140 million in equity capital investment since its inception. The company was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. Clear’s investors include Composite Capital, Sequoia Capital, and SAIF Partners. Please visit – Twitter, Instagram, LinkedIn, Facebook and YouTube for latest updates on Clear.