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Artificial intelligence (AI)-driven fintech SaaS company Prosperr.io raised $1.55 million in a pre-seed round led by Gokul Rajaram, an angel investor and a board member at Pinterest and Coinbase.

Other angel investors, including Vinodh Bhat (President and Co-founder, JioSaavn), Ramakant Sharma (Founder, Livspace), Kunal Shah (QED Ventures), and Saurabh Jain (CEO, Livspace), among others, also participated in the funding round.

The Bengaluru-headquartered company plans to use the funds to develop its AI-first tax advisor.

“The company uses advanced AI technology for comprehensive tax management solutions, analysing user tax information year-round. The real-time data help us to plan, manage, and maximise tax savings for our users, and moreover, it will help provide data-driven personalised financial solutions,” said Dev Kumar, CPTO and Co-founder of Prosperr.io.

The company, founded in 2022, provides subscription-based services designed to manage income taxes comprehensively for salaried individuals. It aims to reach five million paid users and an annual revenue of $100 million by 2028.

Prosperr.io offers a Super Saver Product (B2C product), which helps individuals plan and save their taxes efficiently, and Prosperr-FBP (Flexi Benefits Plans), a B2B product for employers to provide non-taxable allowances.

It also plans to launch a financial advisory product for B2C users and enhance the AI agents of Prosperr-FBP product, amplifying the global impact, added Kumar.

As of December 31, 2023, 81.8 million income tax returns (ITR) were filed for the AY 2023-2024 compared to 75.1 million ITRs filed by December 31, 2022, a 9% increase from the previous year.

“The growing complexity of income tax regulations and the increasing number of individuals filing income tax returns (ITR) highlight the need for user-friendly technology-driven solutions. Our mission is to address this challenge by developing AI-powered solutions that redefine income tax management and help our customers save money while achieving their financial goals,” said Manas Gond, CEO and Co-founder of Prosperr.io.

According to Tracxn, Prosperr.io competes with cloud-based taxation and financial solutions Clear, app-based taxation services platform JJ Tax, and online tax management and tax filing platform Quicko.