TaxNodes, with its end-to-end solutions, has secured a whopping $1.6 million in seed funding to streamline the intricacies of crypto taxation and compliance. Notable investors from the web3 and wealth tech space have backed this platform, which will leverage an AI-assisted tax advisory model to aid both individuals and corporates in their crypto tax-related endeavors.
Image-: Zeb Pay
TaxNodes, a platform dedicated to computing crypto taxes and providing expert assistance with ITR filing, has triumphantly concluded its seed funding round, securing a whopping $1.6 million, despite the challenging funding climate. The round attracted notable veterans from the web3 and wealth tech space, including Rahul Pagidipati, CEO of ZebPay, Nischal Shetty, CEO of Shardeum and Founder of WazirX, Ashish Singhal, Co-Founder & CEO of CoinSwitch, and Ajeet Khurana, Founder of Reflexical. TaxNodes was founded by Avinash Shekhar, a chartered accountant and former CEO of an established Crypto Exchange.
The successful funding round represents a significant milestone for TaxNodes, enabling the company to bolster its mission of simplifying tax computation and offering comprehensive solutions for individuals navigating the complexities of crypto taxation. TaxNodes has experienced rapid customer growth, with a monthly five-fold increase in its customer base since its inception. The company aims to play a crucial role in ensuring a safer and more compliant crypto ecosystem by facilitating smoother operations and regulatory adherence. Additionally, TaxNodes has recently partnered with prominent crypto exchanges such as ZebPay, WazirX, and Giottus, focusing on assisting crypto users in complying with tax laws and helping crypto exchanges enhance their internal controls, automate reconciliation, and accounting processes.
TaxNodes is developing an AI-assisted tax advisory model for individuals and corporates, utilizing a GPT-like Large Language Model, to provide control, compliance, and guidance. CA. Avinash Shekhar, the Founder & CEO of TaxNodes, expressed delight in successfully completing the seed funding round and emphasized the trust placed in TaxNodes by seasoned leaders from the crypto ecosystem. The funding will enable TaxNodes to offer a complete solution for crypto natives, making it easier for them to manage their tax obligations.
With an advanced tax computation engine, a team of experienced crypto experts, and a comprehensive solution, TaxNodes aims to simplify the complexities of crypto taxation and filing, ensuring accuracy, compliance, and peace of mind for its users. The investment will also drive TaxNodes’ research and development efforts to create innovative products catering to crypto exchanges, investors, and finance professionals, including crypto auditors.
Recognizing the movement towards regulations, compliance, and specific taxation rules in the crypto industry, TaxNodes acknowledges the challenges faced by crypto natives in accurately calculating profits and losses, reconciling transactions across various centralized and decentralized platforms, and fulfilling tax obligations. Mr. Nischal Shetty, CEO of Shardeum and Founder of WazirX, expressed excitement about partnering with TaxNodes, highlighting the team’s exceptional understanding of crypto business and taxation. He believes in TaxNodes’ vision and expects the platform to contribute to compliance and controls in the crypto space, pledging his support for their growth and success in disrupting the tax landscape.
Established in December 2022, TaxNodes is a tax computation and expert-assisted ITR filing platform dedicated to simplifying the tax calculation process. With a team of experts specializing in taxes, particularly in the complex domain of crypto taxes, TaxNodes aims to assist crypto exchanges in enhancing internal controls and automating reconciliation and accounting processes.
