Mumbai Fintech TaxBuddy.com Raises $1 Mn In Early-stage Funding The funds will be used to fuel market outreach of its products and expand connection with users
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Mumbai-based new-age fintech startup TaxBuddy.com on Monday announced to have raised $1 million in early-stage funding from UAE-based fund Zenith Global.
Owned by Mumbai-based SSBA Innovations Pvt. Ltd, the company was established in 2019 as an online tax adviser offering for the first time subscription-based plans of tax advisory.
"This has been possible because of the optimum use of technology for services to clients. For us, the client comes first and we fit technology to the needs of the clients — what we call human technology. Perhaps, TaxBuddy is the first in India to automate tax planning and also notices management," said Sujit Bangar, founder, TaxBuddy.com and Finbingo.com.
Bangar believes this funding will help the establishment lead the personal and small business financial space in India in the near future.
"Tax compliance and advisory services are distinct from other fintech services. The user needs to feel confident and trust that his compliance is in safe hands. Our people build that trust and the technology help us reach out to customers and expand the user base with zero concession on efficiency," Bangar added.
The platform offers filing services for income-tax and good and services tax (GST), tax-saving advisory, and tax notice management services to individuals, professionals, and businesses. The services are rendered directly through its App and portal.
For individuals, it does tax planning, tax return filing, and tax issues (notice and scrutiny) management. For businesses, it provides GST registration, GST returns filing, and issues management.
"We have excellent teams with varied expertise and experience in different areas of income tax and GST. I'm happy that, within a short time, we are delivering the highest-rated and most trusted tax filing services in India," he further remarked.
As deadlines for tax planning and filing of tax returns near, countless small investment brokers pretend to be tax advisors. And they keep pushing products to customers with their own interests in mind, a statement made by the report said. This is where the company claims to have become their primary choice for tax planning and tax filing related matters.
According to the data shared by the establishment, there are about 60 million individual taxpayers in India. Most of them are unaware of tax-related compliances. Either they get poor advice or no advice at all. And, according to the Ministry of Finance, around 94 per cent of taxpayers do not claim all the deductions available and end up paying higher taxes.
The company is registered as an e-filing intermediary with the Government of India.
