Crypto tax reporting app Binocs raises $4 Mn in seed round

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Cryp­to tax report­ing soft­ware provider Binocs has  raised $4 mil­lion in its seed round led by BEENEXT. Arkam Ven­tures, Accel, Sai­son Cap­i­tal, Pre­mji Invest, Blume Ven­tures, and Bet­ter Cap­i­tal also participated.

Binocs is cur­rent­ly tax com­pli­ant in the US, UK, Aus­tralia, South Africa and India with plans to for­ay into new­er mar­kets, said the com­pa­ny in a press release. A por­tion of the fund­ing will also be used for hir­ing across prod­uct, engi­neer­ing, growth, and mar­ket­ing teams.

Found­ed by Ton­moy Shin­gal and Pankaj Garg, Binocs claims that it can pro­vide tax reports in less than 30 min­utes. It also tracks return on invest­ment, prof­its and loss­es and cap­i­tal exchanges, as well as tax­es for deriv­a­tives, lend­ing and bor­row­ing across CeFi and DeFi.

With more than 1,000 users on its plat­form, the Ben­galu­ru-based start­up is cur­rent­ly in pre-rev­enue stage, and will mon­e­tize in future by oper­at­ing on a freemi­um mod­el, as well as an enter­prise plan for busi­ness investors.

The Indi­an cryp­tocur­ren­cy ecosys­tem is going through a tough phase as the Indi­an gov­ern­ment has put tight con­trol on the com­pa­nies oper­at­ing in this space. The Enforce­ment Direc­torate, India’s top finan­cial law enforce­ment agency, has already raid­ed a clutch of cryp­to com­pa­nies includ­ing Vauld, CoinD­CX, and WazirX. The agency also froze mul­ti­ple bank accounts held by these com­pa­nies. Recent­ly, WazirX announced that ED unfroze its bank accounts and the com­pa­ny has start­ed oper­a­tions as usual.

The invest­ment in cryp­to space slumped in the past few months. CoinD­CX, Cryp­so, Flip­py and Cas­sio to name a few are in the list of fundrais­ing star­tups in 2022.

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