Mumbai Fintech TaxBuddy.com raises $1 million in early-stage fundin
Taxbuddy.com is a fintech venture from SSBA innovations providing tax solution to individuals, professionals and businesses. These services are rendered directly through Taxbuddy App and taxbuddy.com portal. For individuals, it does tax planning, tax return filing and tax issues (notice & scrutiny) management. For businesses, it provides GST registration, GST returns filing and issues management. Taxbuddy is registered as an e-filing intermediary with Government of India.
Mumbai, 21st December, 2020: Mumbai-based new age fintech start-up taxbuddy.com has raised 1 million USD in early stage funding from UAE-based fund Zenith Global. The funds will fuel market outreach of their products and deepen connection with users. TaxBuddy.com, owned by Mumbai-based SSBA Innovations Pvt. Ltd, was launched in late 2019 as India’s online tax adviser offering for the first time subscription-based plans of tax advisory. It has acquired a strong reputation among its user base. It offers filing services for income-tax and GST, tax saving advisory and even ‘tax notice management services’.
“This has been possible because of 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 of TaxBuddy.com and Finbingo.com.
A former IRS officer and Harvard Business School alumnus, Bangar believes this funding will help TaxBuddy 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 helps us reach out to customers and expand the user base with zero concession on efficiency,” said Bangar.
How does taxbuddy do that?
‘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, please visit our Google business and app store pages,’ says Sujit Bangar.
According to sources, 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% of taxpayers do not claim all the deductions available and end up paying higher taxes.
Conflict of interest
As deadlines for tax planning and filing of tax returns near, countless small investment brokers pretend to be as tax ‘advisors’. And they keep pushing products to customers with their own interests in mind.
TaxBuddy extends help
So, these customers are unhappy and are left in the lurch with no choice at all. This is where TaxBuddy aspires to become their natural choice for tax planning and tax filing related matters.
TaxBuddy’s full tax life cycle for you
Taxbuddy’s yearly subscription takes care of full tax life cycle of individual or SME.
· Tax Planning
· Tax Return Filing
· Tax Query Support
Power of AI
SSBA Innovation also owns finbingo.com a new age personal finance and investment advisory platform built with the power of artificial intelligence. With features like ‘Portfolio Doctor’, it offers you an in-depth, unbiased look at your financial health and recommends investment options most suitable for your life goals.
How does Finbingo stand apart?
‘We don’t believe in ‘one-size-fits-all’ and standard sizing of financial goals. We have made our offerings ultra-personal, designed only for you based on your inputs and your financial ambitions,’ says Bangar.
Together with taxbuddy.com, these two cover the entire financial life of salaried class, professionals and small businesses.