The Bengaluru-based company, TaxBuddy.com, has raised $1 million (about Rs 7.4 crore) in an early-stage fundraise from Zenith Global, a UAE-based fund. The company that offers filing services for income tax and Goods and Services Tax (GST), among other things was launched last year.
The company operates a subscription-based model, with differentiated plans for individuals, businesses, non-resident Indians (NRIs), and combinations of these. It will use the money raised for market outreach as well as increasing user engagement.
Sujit Bangar who set up the operator of TaxBuddy.com- SSBA Innovations Pvt Ltd’s said, “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.”
The company has taken certain steps in the past few months to grow itself inorganically. It acquired the GST software business of Karvy Data Management Services, part of the financial services group Karvy, in March. The company had acquired the audio streaming platform Dose FM, in October 2019. In October 2018, the company had raised $54.2 million (around Rs 400 crore), with the Hong Kong-based investment firm Composite Capital Management.
