Prosperr is a fintech SaaS company that drives artificial intelligence (AI). iO raised $1.55 million in a pre-seed round led by Gokul Rajaram, an angel investor and board member of Pinterest and Coinbase.
Other angel investors including Vinod Bhat (President and Co-founder, JioSaavn), Ramakant Sharma (Founder, Livspace), Kunal Shah (QED Ventures) and Saurabh Jain (CEO, Livspace) also participated in the funding round.
The Bengaluru-based 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 throughout the year.Real-time data helps us plan, manage and maximise tax benefits for our customers and, in addition, it will help us provide data-driven personal finance solutions, "CPTO and Prosperr. com said in a statement. said Dev Kumar, co-founder of IO.
Founded in 2022, the company provides subscription-based services designed to comprehensively manage income taxes for salaried individuals. The company aims to reach five million paid users and $100 million in annual revenue by 2028.
Prosperr.io offers a super saver product (B2C product) that 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 plans to launch a financial advisory product for B2C users and enhance the AI agents of Prosperr-FBP product by increasing its global footprint, Kumar added.
As of December 31, 2023, AY filed 81.8 million income tax returns (ITRs) for the period 2023-2024 as compared to 75.1 million ITRs filed as on December 31, 2022, an increase of 9% over the previous year.
"The increasing complexity of income tax regulations and the increasing number of individuals filing income tax returns (ITRs) highlight the need for user-friendly technology-based solutions.Our aim is to meet this challenge by developing AI-powered solutions that redefine income tax.Help our customers save money while achieving their financial goals, "Prosperr. said Manas Gond, CEO and co-founder of iO.
