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Business News/ Companies / News/  ClearTax launches investment app 'Black'
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ClearTax launches investment app 'Black'

The app has been launched with direct mutual funds but will eventually have stocks, national pension system (NPS), PPF and potentially, cryptocurrency.

'We are targeting millennials primarily and we find that young people are extremely comfortable with tax and investment advice delivered remotely', says Archit Gupta, founder and CEO, ClearTax.Premium
'We are targeting millennials primarily and we find that young people are extremely comfortable with tax and investment advice delivered remotely', says Archit Gupta, founder and CEO, ClearTax.

Tax-filing portal ClearTax, which has a userbase of five million, is entering the investment space with an app called 'Black.' The app has been launched with direct mutual funds but will eventually have stocks, national pension system (NPS), PPF and potentially, cryptocurrency. The company will charge a flat fee of 10,000-15,000 per annum for users with income above 15 lakh, while keeping the service free for lower-income users. It has obtained a Sebi Registered Investment Adviser (RIA) license to deliver this service.

"Tax filing and investments go hand in hand. We have currently enabled direct mutual funds on the app, but we will subsequently add stocks, national pension system, FDs, PPF, Sukanya Samriddhi Scheme and if regulations permit, cryptocurrency. However, we will provide customers with a long-term investment orientation and not have features like F&O trading," said Archit Gupta, founder and CEO, ClearTax. “We are targeting millennials primarily and we find that young people are extremely comfortable with tax and investment advice delivered remotely. We will have dedicated advisers who will interact with subscribers on a regular basis through videoconferencing," he added.

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ClearTax expects to onboard around 20% of its approximately five million userbase on Black within six months. “The right can help customers develop better tax and investment habits. Take this year for instance, only 60% of our userbase has filed their returns so far and the deadline is 31 December," said Gupta. The app is likely to compete with a host of existing investment apps such as Paytm Money and Kuvera, which primarily operate in the direct mutual fund space.

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ABOUT THE AUTHOR
Neil Borate
I head the personal finance team at Mint. I have been writing about personal finance for the past 8 years after finishing two degrees in law and economics respectively. I do what I do, to help the ordinary Indian saver and investor.
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Published: 22 Dec 2020, 04:33 PM IST
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