India’s recent general election has garnered international attention as the country’s economic growth continues to outstrip rivals like China. With more people paying income tax, tech-enabled companies like Prosperr.io are seizing the opportunity to capitalize on India’s economic transformation. Founded in 2022, Prosperr aims to help individual taxpayers navigate India’s complex income tax system with its subscription products designed to manage income tax affairs digitally.
Prosperr’s CEO and co-founder, Manas Gond, explains the need for user-friendly technology-driven solutions to address the growing complexity of income tax regulations and the increasing number of individuals filing tax returns in India. By utilizing artificial intelligence-powered solutions, Prosperr aims to help customers save money while achieving their financial goals. The company offers two main products, Super Saver for individual taxpayers and Flexi Benefits for employers to ensure compliance with income tax regulations.
The Super Saver service tracks subscribers’ income and spending to provide real-time updates on tax liabilities and recommend strategies for reducing tax liability while remaining compliant. Prosperr’s AI-driven engine personalizes recommendations for each subscriber based on eligibility for various tax reliefs. The Flexi Benefits service for employers helps ensure employees are paying the correct amount of tax, resulting in an 8-10% increase in take-home pay for the typical employee.
Prosperr has quickly gained traction with 7,000 taxpayers using the Super Saver service and aims to secure annual recurring revenues of $1 million in the near future. The company’s founders set an ambitious goal of signing up 5 million users and generating $100 million in annual revenues by 2028. International expansion is a key part of their strategy, with plans to enter the US market, where income tax compliance is also complex.
Despite the crowded US market with well-known competitors like Intuit and Credit Karma, Prosperr believes ongoing product development and evolution of its AI agents will help them rise to the challenge. The goal is to create a comprehensive platform for managing and saving money, revolutionizing personal finance management on a global scale. The company’s pre-seed funding round of $1.55 million, led by angel investor Gokul Rajaram and supported by other prominent investors, will be crucial in supporting Prosperr’s mission to build the best tax optimization platform for consumers worldwide.
Rajaram, known for his involvement with companies like Pinterest and Coinbase, sees the potential for Prosperr to make a significant impact in simplifying the complex world of taxes and maximizing tax savings for individuals and employees. With a focus on continued innovation and expansion, Prosperr is poised to become a trailblazer in the field of income tax management, both in India and globally.
