Fintech startup TaxBuddy raised $1 million in an early-stage funding round. Zenith Global, a UAE-based fund, made the investment. Recent funds raised by the company will help the startup in expanding the reach of its products. It will also help them strengthen their position in the market and build a connection with their users.
About fintech startup TaxBuddy
TaxBuddy is a Mumbai based firm founded by Sujit Bangar. The startup was formed in 2019 and started as a firm offering tax advice online. It also brings various services like income-tax filing, GST, tax-saving advice, and also the management of tax notice. The company believes in using technology in order to automate the entire process of tax filing and more.
Growth of the startup
Taxbuddy has expanded a lot since it was founded in last 2019. The company has used technology to bring the vest services to its customers. The founder of the company, Sujit Bangar, said that they try to use technology and combine it with their services, fulfilling users’ needs. And they like to call it “human technology”. He also added that Taxbuddy is probably the only startup that has managed to automate the entire process of notice management and tax planning.
Another reason that has led to the growth of the company is trust. As very properly explained by Sujit Bangar, he said that advisory services and tax compliance are something very different from fintech. And this is why users should be able to trust the companies that are handling it for them. The fintech startup tries to build trust with its users and hence was able to grow so much in such a short time.
TaxBuddy has explored the area that needs help and has got in. According to some reports, over 94% of the 60 million Indian taxpayers don’t claim their tax deductions. And this is why they end up paying more tax than required. And many taxpayers don’t have access to proper tax advice. Sometimes they get the wrong advice and mostly no guidance at all.
TaxBuddy now plans to dominate the online tax advisory department and help taxpayers save their hard-earned money. Do you take tax advice from any app, individual, or firm? And do you think that startups like TaxBuddy are here to stay? Do let us know in the comments below. Also, if you found our content detailed and interesting, do like and share it with your friends.