Cryptocurrency taxes based mostly software-as-a-service (SaaS) firm Catax – Simple Crypto Taxes goals to clock a gross income Rs 2.5 crore for FY23, Gaurav Mehta, founder, Catax – Simple Crypto Taxes, advised FE Digital Currency. The alternate claims to have a present userbase of round 1,200-1,600 clients. “We expect the strength of our userbase to reach three lakh by the end of FY23. We anticipate a 200% growth in its revenue generation for the upcoming years,” Mehta mentioned. The firm’s present gross revenue margin stands at 80% of the online income, and recorded a gross lack of $20,000 for this monetary yr.
The firm claims to be bootstrapped in nature. “We had talked to venture capital (VC) firms but took a step back due to fluctuating market conditions,” Mehta mentioned. Mehta acknowledged {that a} sum complete of round $20,000 was spent for the corporate’s value of operations and product improvement within the final three months.
In addition to promoting its providers to companies, the corporate additionally gives consulting providers to shoppers and eventually to the federal government. “The B2B service is directed towards chartered accountants who work on cryptocurrency taxation. We charge them Rs 10,000 per year for the company’s services. The company’s B2G service is a work-in-progress through which we aim to provide solutions for government employees who want to provide cryptocurrency taxation audit facilities to individual customers,” Mehta mentioned. Further, the corporate claims to supply free providers for 100 transactions. “If the number of transactions are between 100 and 10,000, a fee of Rs 2,000 is charged whereas if the number of transactions are more than 10,000 – Rs 5,000 as fee is charged,” Mehta mentioned. The firm claims to have seen round 60-70% progress of their income technology prior to now two months.
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The firm claims that its advertising technique revolves round educating its customers. “We aim to educate customers regarding the understanding of cryptocurrency taxes, and the cryptocurrency tax based guidelines that have been released by the government,” he added. The firm claims to spend $3,000 to $5,000 monthly on advertising.
Furthermore, the corporate claims to have a tie-up cryptocurrency taxation based mostly start-up Decrypt. “We have partnered with companies such as ClearTax, Prosper, among others. We have also tied with the Proton app which provides decentralised finance (DeFi) and other services,” Mehta mentioned. While Decrypt has tied up with the corporate for its utility programming interface (API) providers, Prosper and Proton have tied up with the corporate for its enterprise-based options.
Source: www.financialexpress.com”
