Taxbuddy, a Mumbai-based fintech start-up, has raised USD 2.1 million in its latest round of funding which saw participation from the company’s existing investors. The funding was led by the UAE-based fund Zenith Global. Launched in 2019, Taxbuddy was one of the first companies to offer advisory automation services using modern technology. Taxbuddy offers filing services for Income tax and GST, tax-saving advisory and ‘tax notice management services to its users. The platform today has a user base of 4.5 lakh and its Android app has a near-perfect rating on the Google Play Store.
Commenting on the funding, Taxbuddy’s founder and former IRS officer Bangar Sujit said that funds will help the company in ramping up its technological capabilities. He added that advisory automatization has so far been neglected by other players in the market but Taxbuddy has focused on it since the start of its business.
Taxbuddy aims to boost its advisory automation and fuel market outreach with their users with new funds.
“TaxBuddy.com has a laser-sharp focus on advisory automation. Therefore, TaxBuddy is well-positioned to lead the digital tax advisory space and this makes them confident about the way forward,” Zenith Global said in a statement.
Taxbuddy had previously raised $1 million in an early stage fundraiser from Zenith Global in December 2020. The funds were used by the company to expand its market outreach and user engagement. “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,” Sujit Bangar had said while reacting to the funding.
A fintech venture from SSBA innovation, Tax buddy is registered as an e-filing intermediary with the Government of India. It offers tax solutions to its customer directly through its app and portal.
The services are designed to cater to the need of individuals, professionals and businesses. The service lineup includes tax planning, tax return filing and tax management for individual users. For businesses, offers services like helping in GST registration, GST returns filing and issues management. Taxbuddy competes with ClearTax in the segment of tax filing services.