Wealthtech startup Fisdom forays into tax solutions with acquisition of Tax2win
Fisdom, a Bengaluru-based wealthtech startup has acquired Jaipur-based online income tax return filing platform, Tax2win, for an undisclosed amount.
In a statement, Fisdom said this move marks its entry into the tax solutions segment, as part of the company's plan to offer a complete suite of financial services for its customers and partners.
“Topic of tax is perceived as a complicated subject by customers at large and there is a significant awareness gap. We welcome Tax2win’s team and clients on-board a new and exciting journey with us. The company has a strong management team led by experienced and passionate founders,” added Subramanya SV, Co-Founder and CEO, Fisdom.
Founded by Abhishek Soni, Vertika Kedia and Shishant Todi in 2015, Tax2win claims that it not only enables customers to plan and file income tax returns in a hassle-free manner, but is also dedicated to their mission of educating the customers about taxes. The company offers tax filing and post filing services for individuals as well as small businesses. It enables the users to file taxes within five minutes for free, using its fastest Do-It-Yourself platform. Users can also file with the assistance of their eCA. Fisdom’s customers will be able to avail this service along with their existing solutions like investments, savings and insurance.
Fisdom, co-founded by Anand Dalmia and Subramanya SV, has been backed by marquee investors such as PayU, Quona Capital and Saama Capital. Fisdom operates in a partnership model and has partnered with Karnataka Bank, City Union Bank, Indian bank, Oriental Bank of Commerce, Bajaj Finserv, and Google Pay among others.
Much like Fisdom, Tax2win also has a partnership led distribution model. Tax2win has partnered with several G2C platforms like CSC, e-mitra, Sahaj, digital platforms like Google Pay, Phonepe, Paytm, and banks like SBI to offer tax filing services to their customers and employees. In the last fiscal itself, more than one crore people have visited the platform and lakhs of people have already filed their income tax returns through Tax2win.
“We are very happy to join Fisdom in the mission to provide holistic financial services to our customers across investments, insurance, savings and advisory services. We are also looking to bring out innovative tax solutions to our customers in the coming months and years related to tax savings, tax saving investments, choosing the best tax regime etc,” said Abhishek Soni, Co-founder and CEO, Tax2win.
As per data by the Income Tax Department, income tax returns filing grew by 5 percent this year. With over 4 percent of Indian population filing Income tax, and only a little over 1 percent of the population paying taxes, there is a huge untapped market that can be catered into. Due to the ease in filing income tax now thanks to Tax2win and other e-filing portals, this is likely to gain more traction.
Edited by Anju Narayanan