Anand Rai for TechCircle India writes: Chennai-based accounting software firm Reach Process Outsourcing Ltd, which runs the portal Reachaccountant.com, is raising its first institutional round of funding from venture capital firm Sequoia Capital (Sequoia Capital is an American venture capital firm located in Menlo Park, California, United States Sequoia's diverse portfolio includes companies in energy, financial, health care, mobile and technology sectors.), sources close to the development informed Techcircle.in/VCCircle. For more details of the transaction click here.
We tried contacting
the company for a confirmation of the development, but Robin Moses,
founder and CEO, Reach Accountant, declined to comment. We also
contacted Sequoia Capital and are awaiting an official response from the
firm.
Reach Accountant had earlier (February 2012) raised an
undisclosed amount in angel funding from Rajan Anandan and Rehan Yar
Khan. As part of the investment, Anandan had joined the board of the
company. The firm was incubated by The Morpheus.
The company had earlier told Techcircle.in/VCCircle that it broke even in 2011; it was looking to raise a Series A round.
Started as Reach Tax in 2007, an online tax preparation service, the
company rebranded to Reachaccountant.com, an online accounting
software-as-a service (SaaS) application, in April 2010. The company is
the brainchild of Moses, who had sold off his food and distribution
business, and was looking to start something new, when he hit upon the
idea of creating an application that could replace accountants and the
daily hassles related to it.
Targeting small and medium businesses (SMBs) that file tax returns
electronically in India, the company provides services related to
indirect tax, which includes monthly tax deducted at source (TDS), value
added tax (VAT), sales tax and daily accounting and billing. Simply
put, Reach Accountant is a combination of accounting software, an
account manager, an accountant, a payroll manager and a chartered
accountant.
As of July last year, the company had managed to acquire 1,000
subscribers. According to information displayed on the site, this number
has now increased to 12,854. While the company is headquartered in
Chennai, it has sales centres in Bangalore and Hyderabad.
Sequoia Capital, which invests in both early stage ventures as well
as participates in growth capital PE deals in the country, had early
this year co-invested in
Dexetra Software Solutions Pvt Ltd, a mobile applications startup. In
the same month, XinLab Inc., which operates under the brand Vuclip,
acquired Mumbai- and Toronto-based mobile video streaming startup Jigsee
in an all-stock deal, while early investors Sequoia and Indian Angel
Network (IAN) swapped stake to
become shareholders of VC-backed Vuclip. In another deal, it also
co-invested in Bright Lifecare which runs e-com firm Healthkartplus.com.
Saturday, August 3, 2013
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment