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.