TaxNodes Raises $1.6M in Seed Funding Round to Simplify Crypto Tax Computation and Filing
- ByStartupStory | June 14, 2023
TaxNodes, a leading crypto tax computation and expert-assisted ITR filing platform, announced today the successful completion of its seed funding round, securing $1.6 million from notable veterans in the web3 and wealth tech space. The funding round saw participation from industry leaders such as Rahul Pagidipati, CEO of ZebPay, Nischal Shetty, CEO of Shardeum and Founder of WazirX, Ashish Singhal, Co-Founder & CEO of CoinSwitch, and Ajeet Khurana, Founder of Reflexical.
This significant funding milestone will enable TaxNodes to strengthen its mission of simplifying tax computation and providing end-to-end solutions for individuals navigating the complexities of crypto taxation. The company is developing an AI-assisted tax advisory model using a GPT-like Large Language Model to ensure control and compliance.
Since its inception, TaxNodes has experienced a remarkable 5X month-on-month growth in its customer base. The company aims to play a crucial role in creating a safer and more compliant crypto ecosystem, facilitating smoother operations and regulatory adherence.
TaxNodes has also recently announced partnerships with leading crypto exchanges including ZebPay, WazirX, and Giottus. These collaborations will assist crypto users in complying with tax laws while helping crypto exchanges enhance their internal controls and automate reconciliation and accounting processes.
CA. Avinash Shekhar, Founder & CEO of TaxNodes, expressed his excitement about the successful funding round, stating, “We are thrilled to have successfully completed our seed funding round and delighted to see that seasoned leaders from the crypto ecosystem are placing their trust in TaxNodes. This funding will enable us to provide a complete solution for crypto natives, making it easier for them to handle their tax obligations. With our advanced tax computation engine, a team of seasoned crypto experts, and a full-stack solution, we aim to simplify the complexities of crypto taxation and filing, ensuring accuracy, compliance, and peace of mind for our users. Furthermore, this investment will propel our research and development efforts to create innovative products that cater to crypto exchanges, investors, and finance professionals, including crypto auditors.”
As the crypto industry moves towards increased regulations, compliance, and specific taxation rules, there is a growing need for specialized tax management tools. TaxNodes recognizes the challenges faced by crypto users in accurately computing profits and losses, reconciling transactions across multiple centralized and decentralized platforms, and fulfilling tax obligations.
Mr. Nischal Shetty, CEO of Shardeum and Founder of WazirX, commented, “I am thrilled to join hands with TaxNodes. The team at TaxNodes has an exceptional understanding of the crypto business and taxation. I believe in their vision, and I am confident that TaxNodes will help in compliance and controls in the crypto space. I look forward to supporting their growth and success as they continue to disrupt the tax landscape.”
Mr. Rahul Pagidipati, CEO of ZebPay, added, “TaxNodes has immense potential to change the way crypto taxes are computed and filed. I am thrilled to be a part of this seed funding round and support their mission to simplify the tax computing process. With their innovative platform and expert assistance, individuals and businesses can navigate the complex world of crypto taxation with ease. I have no doubt that TaxNodes will play a vital role in shaping the future of crypto taxation. I have worked with Avinash for a long time and have complete confidence in his ability to lead TaxNodes to success.”
With this funding, TaxNodes is poised to revolutionize the crypto tax landscape by providing comprehensive solutions and expert guidance, empowering crypto
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