Table of Contents
Introduction:
TaxBuddy (also known as SSBA Innovations) is a fintech company that provides a B2C portal for tax return filing and tax advisory business. It enables customers to register income tax returns, prepare an automated response to notices, tax-saving advisory, and tax notice management services.
Taxbuddy Company Highlights:
| Company Name | Taxbuddy |
| Headquarter | Mumbai, India |
| Industry | Tax and GST |
| Founded | 2018 |
| Founder | Sujit Bangar |
| Website | https://www.taxbuddy.com/team |
Taxbuddy About:
Owned by Mumbai-based SSBA Innovations Pvt. Ltd and founded by Sujit Bangar, TaxBuddy.com was launched in late 2019 as India’s online tax adviser offering for first-time, subscription-based plans of tax advisory. It offers filing services for income-tax and GST, tax-saving advisory and even tax notice management services.
TaxBuddy is leveraging technology for automating tax advisory, which is way beyond tax return filing. In December 2020, the startup raised $1 million in early-stage funding from UAE-based fund Zenith Global.
Taxbuddy Industry:
Taxbuddy.com is a Mumbai-based fintech startup from SSBA Innovations which provides tax solutions 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 and scrutiny) management. For businesses, it provides GST registration, GST returns filing, and issues management. TaxBuddy was founded in 2019 and is based in Mumbai, India.
Taxbuddy Founder & Team:
Taxbuddy Founder (Image Source: linkedin.com)
Sujit Bangar founded the company in 2018. Sanjay Godbole and Vidyasagar Patil were the co-founders. It was headquartered at Mumbai.
Taxbuddy Startup Story:
Launched in 2018, Taxbuddy.com is a Mumbai-based fintech startup from SSBA innovations that provide tax solutions to individuals, professionals and businesses. These services are rendered directly through Taxbuddy App and taxbuddy.com portal.
Taxbuddy Mission & Vision:
The taxbuddy.com is at the forefront of saving tax of salaried taxpayers with its mission of tax planning and saving it till the last paisa. With a background at Infosys, Sanjay brings expertise in program management, strategy building, business consulting, and solution development.
Taxbuddy Name & Logo:
Your ultimate destination for ITR filing and online tax services.
Taxbuddy Logo (Image Source: in.linkedin.com)
Taxbuddy Business Model:
Here is no business model yet.
Taxbuddy Revenue Model:
TaxBuddy.com has raised $1 million (about Rs 7.4 crore) in an early-stage fundraising from Zenith Global, a United Arab Emirates-based fund. Mumbai-based SSBA Innovations Pvt Ltd operates TaxBuddy.com as well as Finbingo.com, a personal finance and investment advisory platform. SSBA Innovations was set up by Sujit Bangar, an alumnus of Harvard Business School who previously worked with the Indian Revenue Service.
TaxBuddy.com operates a subscription-based model, with 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.
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, Bangar said.
Among companies that provide tax filing services in India, ClearTax is perhaps the best known. The Bengaluru-based company has in recent months made moves to grow itself inorganically. In March, for example, it acquired the GST software business of Karvy Data Management Services, part of the financial services group Karvy. In October last year, it acquired the audio streaming platform Dose FM. In April last year, ClearTax acquired TOOTL, an infotainment app that offers personalized content using predictive tools.
Taxbuddy Products & Services:
Taxbuddy (Image Source: taxbuddy.com)
Tax Buddy India offers filing services for income-tax and GST, tax-saving advisory, and even tax notice management services.
Taxbuddy Funding & Investors:
- Total funding is $3.68M.
- The last funding round was $2.12M, Seed round was on May 23, 2022.
- TaxBuddy has raised a total funding of $3.68M over 2 rounds.
- It’s first funding round was on Oct 27, 2020.
- It’s latest funding round was a Seed round on May 23, 2022, for $2.12M.
- 20 investors participated in its latest round, led by Zenith Global.
- TaxBuddy has 6 institutional investors including Zenith Global, Systematix, and Mangal Keshav.
- Systematix is the largest institutional investor in TaxBuddy.
- Srinivas Reddy and 30 others are Angel Investors in TaxBuddy.
- Overall, TaxBuddy and its competitors have raised over $822M in funding across 73 funding rounds involving 197 investors.
- Taxbuddy.Com, an online tax advisory company started by a former Indian Revenue Service officer Sujit Bangar, on Wednesday, said it has raised USD 2.10 million (about Rs 16 crore) in funding led by UAE-based fund Zenith Global.
Taxbuddy Employees:
Total employees can be 500-1000.
Taxbuddy Challenges Faced:
The major challenge with this approach was that TaxBuddy had to deal with two different sets of data – the Chatbot data and WhatsApp data.
Taxbuddy Acquisitions:
In March, it acquired the GST software business of Karvy Data Management Services, part of the financial services group Karvy. In October last year, it acquired audio streaming platform Dose FM.
Taxbuddy Growth:
The rise of online tax filing platforms has brought about a range of subscription models to cater to various segments, from freelancers to businesses and high-net-worth individuals. These platforms offer a diverse range of services, from common tax filing to more specialized ones that cater to specific needs.
This abundance of software options has made it easier than ever to file taxes from the comfort of your own home. Two of the leading platforms in this space are ClearTax and TaxBuddy. Each offers unique features and services to help you better manage your taxes.
Many other platforms like EzTax and Tax2win can make tax filing a breeze and help you save money in the process.By exploring the services offered by each platform, you will better know the one that best suits your tax filing needs.
Taxbuddy Partners:
There is no partner yet.
Taxbuddy Competitors:
TaxBuddy’s top competitors include Clear, JJ Tax, and Pilot.
Taxbuddy Awards & Achievements:
There is no data of it.
Taxbuddy Future Plan:
There is no data of it.
FAQs about Taxbuddy:
What does Taxbuddy do?
Tax preparation solutions for individuals and businesses. It offers AI-based services for online tax planning, ITR filing, GST registration, GST compliance, tax calculation, tax notice advisory, and others. It also provides income tax tools for customers such as tax calculators, HRA calculators, pension calculators, rent receipt generators, etc. It offers services to individuals, professionals, freelancers, and other businesses.
When was Taxbuddy founded?
It was founded on 2018.
Who is the founder of Taxbuddy Corporation?
Sujit Bangar is the founder.
Who is the CEO of Taxbuddy Corporation?
Sujit Bangar is the CEO.
Who are the main competitors of Taxbuddy?
TaxBuddy’s top competitors include Clear, JJ Tax, and Pilot.
Conclusion:
The latest budget presented in India has set out plans to improve various aspects of life for its citizens. The Atmanirbhar Taxbuddy Program will be introduced with a budget of & 2,200 crores to provide high-quality, disease-free planting material for horticultural crops. To improve healthcare, 157 new nursing colleges will be established in key areas. In addition, the government is taking measures to ensure food security by offering free food grains to certain households for one year.
The creation of cooperative societies for farmers and a mission to eliminate sickle cell anemia by 2047 are also part of the budget’s plan. A national digital library will be established to give children and teenagers access to quality books, managed by the National Book Trust and Children’s Book Trust. The budget’s main objective is to enhance the standard of living for the citizens of India.
2023 is an important year for our country, and the nuances of its vision are looking up. I, with TaxBuddy, am grateful to be a part of the vision that aims at setting India self-sufficient, efficient with its taxation, and flourishing financially.
