Prosperr.io, a leading fintech platform focused on tax management for individuals, has successfully secured a $1.55 million pre-seed funding round. The round was spearheaded by Gokul Rajaram, a Board member at Pinterest and Coinbase, and a notable investor renowned for supporting companies such as Faire, Figma, and Airtable. Additional angel investors, including Vinodh Bhat (Co-founder JioSaavn), Ramakant Sharma (Founder Livspace), Kunal Shah (QED Ventures), and Saurabh Jain (CEO, Livspace), also participated in the funding round.
Founded in March 2022, Prosperr.io offers a subscription-based service designed to manage income tax comprehensively for individuals, ensuring maximum eligible tax savings and compliance. Leveraging deep-tech products powered by AI, the company aims to create a digitally intelligent solution that could benefit millions globally. The newly acquired capital will be primarily used to launch the product in the US market.
According to Manas Gond, CEO and Co-founder of Prosperr.io, "With the growing population of high tax-payers and the ever-changing complexity of income tax regulations, there's a need for user-friendly, technology-driven solutions. Our mission is to address this challenge by developing AI-powered solutions that redefine tax management and help our customers save money while achieving their financial goals. We've already seen significant traction in India with employees of 1,500 companies using Prosperr.io."
Prosperr.io has already launched the “Super Saver” product in the Indian market. This AI-powered tax management tool tracks subscribers' income and spending to provide a continually updated snapshot of what they owe in taxes. Additionally, it recommends strategies for reducing their tax liability while remaining compliant. An AI-driven engine scans tax codes and curates personalized recommendations for each user based on the reliefs their financial affairs may qualify them for.
The company plans to launch the “Super Saver” product for the US market by 2024. They are raising additional funds to adapt their AI solution to work across various geographies and laws. So far, the “Super Saver” product has gained considerable traction, with 7,000 taxpayers signed up. Prosperr.io's founders expect to secure annual recurring revenues of $1 million within the next month or so.
Investor Gokul Rajaram expressed his enthusiasm, stating, "I'm excited to support the Prosperr team on their mission to build the best tax optimization platform for consumers not just for India but for the world. The world of taxes is complicated and confusing, and Prosperr's AI platform helps individuals and employees stay compliant while maximizing tax savings."
International expansion is a crucial part of Prosperr.io's strategy. The company is developing a smart AI engine that can handle various tax codes and jurisdictions, supporting their vision to go global in the near future. Dev Kumar, CPTO and Co-founder of Prosperr.io, emphasized, "We are building a constitutional AI agent to solve tax globally. Our product philosophy has always been to build products personalized for the users. We understand users' financial data in depth to generate capability to develop AI solutions to simplify personal finance for users across the globe. Our next step is launching in the US market to amplify."
