INSUBCONTINENT EXCLUSIVE:
Kintsugi, a Silicon Valley-based startup that helps companies offload and automate their sales tax compliance, has raised $18 million in new
funding led by global indirect tax technology solution provider Vertex
The startup plans to enable more small and medium businesses to use its AI-enabled capabilities for tax calculations and filings.The ongoing
growth of e-commerce and cross-border trade, combined with increasingly complex tax regulations, has driven global demand for tax automation
QuickBooks, or a custom API implementation
for taxi cabs and Stripe did for credit card payments
an exclusive interview.Founded in 2023, the San Francisco-based startup considered the 2018 Supreme Court ruling, which allowed states to
It affected e-commerce businesses while helping states to grow their tax collections
Existing automated tax compliance companies, including Avalara, capitalized on the shift to boost their revenue
and we replace the CPA (Certified Public Accountant) as well
So, just a regular operator can, what we say is, in seven clicks and three minutes, install our app, and we will tell you what your sales
Technology NewsRoom.The startup allows businesses to calculate their sales tax liability for free, though it charges them for tax filing
It also provides an option to turn on auto remit to file sales tax automatically after calculating the data it ingests through different
revenue-generating channels.Kintsugi generated $3 million in annual revenue last year and aims to cross $10 million by the end of 2025
generating roughly $50 million to $80 million in revenue and even those with $500 million in revenue.Techcrunch eventBerkeley, CA|June 5BOOK
NOWPennsylvania-based Vertex has found Kintsugi complements its existing focus on large enterprise multinational companies and complex
told A Technology NewsRoom
in Kintsugi, IP sharing, and a commercial partnership based on a revenue-sharing model
The startup has also raised an additional $3 million from its existing investors
Overall, the fresh funding has valued the startup at $150 million post-money, up from the $80 million it was valued at in November.Image
Credits:Jagmeet Singh / A Technology NewsRoomIn addition to its investment in Kintsugi, Vertex has committed to invest $10 million to $12
million for AI advancements
margins of over 93%, Bhatnagar told A Technology NewsRoom.The startup, which employs 95 people, previously expanded from the United States
to Canada and Europe, now plans to go live in South America, Africa, and the Eastern world, including India and China.Currently, SaaS
However, the partnership with its 47-year-old investor, Vertex, is likely to help the startup get customers across different sectors.
