Crypto Taxation Platform TaxNodes Raises $1.6 Million In Seed Funding The company intends to utilize the funds to bolster its mission of simplifying tax computation, and providing end-to-end solutions for individuals navigating the complexities of crypto taxation
By Teena Jose
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
TaxNodes, a crypto tax computation and expert-assisted ITR filing platform, has announced the successful completion of its Seed funding round, securing $1.6 million amidst the challenging funding winter. The round saw participation from Rahul Pagidipati (CEO of ZebPay), Nischal Shetty (CEO, Shardeum and founder of WazirX), Ashish Singhal (co-founder and CEO, CoinSwitch) and Ajeet Khurana (founder of Reflexical. The company intends to utilize the funds to bolster its mission of simplifying tax computation, and providing end-to-end solutions for individuals navigating the complexities of crypto taxation.
"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," said CA. Avinash Shekhar, founder and CEO, TaxNodes.
The company is developing an AI-assisted tax advisory model for individuals and corporates to provide control & compliance using GPT-like Large Language Model. In addition, the company claimed that since its inception, TaxNodes has witnessed a 5 times month-on-month spike in its customer base, adding that it is poised to play a pivotal role in ensuring a safer and more compliant crypto ecosystem, facilitating smoother operations and regulatory adherence.
"I am thrilled to join hands with TaxNodes. The team at TaxNodes has an exceptional understanding of 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," said Nischal Shetty, CEO, Shardeum and founder, WazirX.
