A Mumbai-based fintech start-up, TaxBuddy.com has raised $1 million from UAE-based fund Zenith Global, in this early-stage funding. According to the information given, the funds raised will help the market outreach of TaxBuddy’s products and strengthen the relationship with customers. TaxBuddy.com was launched at the end of 2019 and owned by Mumbai-based SSBA Innovation Pvt. Ltd. Sujit Bangar who is an alumnus of Harvard Business School started SSBA Innovations. He was previously worked with the Indian Revenue Service.
TaxBuddy.com was India’s first online tax adviser offering subscription-based plans of tax advisory. It helps out in filing services for income-tax and GST, tax-saving advisory, and also the ‘tax notice management services’. It provides differentiated plans for individuals, businesses, non-resident Indians (NRIs), and combinations of these. It will use the capital it has raised for market outreach as well as deepening user engagement.
Sujit Bangar, founder of TaxBuddy.com said that this has been possible only because of the optimum use of technology for customer services and facilities. In the case of TaxBuddy.com client comes first and they fit the suitable technology with the needs of the customers. That is what is called ‘human technology’. Moreover, TaxBuddy is the first in India to automate tax planning and notice management. Tax compliance and advisory services are entirely different from fintech services. The user needs to feel confident and trustworthy that his compliance is in safe hands. The inbuilt trust and the technology help out them to reach their customers and expand the user base with zero concession on efficiency, Sujit added.
While considering the companies that provide tax filing services in India, ClearTax is the best known and leading one. The Bengaluru-based company has shown unpredictable growth in recent months. For example, in March it has acquired the GST software business of Karvy Data management Services which is a part of the Karvy financial services group. In October 2019, it also acquired the audio streaming platform Dose FM. In last year April, ClearTax acquired an infotainment app known as TOOTL, that offers personalized content using predictive tools. In October 2018, the company raised an amount of $54.2 million which is around ₹400 Crore with Composite Capital Management, a Hong Kong-based investment firm.
