Fisdom Forays into Tax Solutions with Acquisition of Tax2win
Wealthtech firm Fisdom has acquired Jaipur based online income tax return filing platform, Tax2win.in for an undisclosed amount. This move marks Fisdom’s entry into tax solutions segment, as part of company’s plan to offer complete suite of financial services for its customers and partners. Post the acquisition, Tax2win will continue to operate independently. However, both the companies will work together to provide a holistic experience to their respective customers and partners incorporating each other’s product portfolio.
Founded in 2015 by Abhishek Soni, Vertika Kedia and Shishant Todi Tax2win 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 from their eCA. Fisdom’s customers will be able to avail this service along with their existing solutions like investments, savings and insurance.
Founded by Anand Dalmia and Subramanya SV, Fisdom is a digital wealth management platform providing solutions across investments, savings and protection. The firm has been backed by marquee investors such as PayU, Quona Capital and Saama Capital. Fisdom operates in a unique partnership model and has partnered with Karnataka Bank, City Union Bank, Indian bank, Oriental Bank of Commerce, Bajaj Finserv, Google Pay among others.
Speaking on the acquisition, Subramanya SV, Co-Founder & CEO, Fisdom said, “The acquisition of Tax2win further enhances Fisdom's position as a leading wealth tech company in India and is in is in line with the company’s strategic goal 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. We look forward to build on Tax2win’s foundation and marquee partnerships.”
In the last fiscal itself, more than 1 Crore people have visited the Tax2Win platform and lacs of people have already filed their income tax returns through Tax2win.
Abhishek Soni, Co-Founder & CEO, Tax2win said, “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.
As per the data by Income Tax Department the Income tax returns filing grew by 5% this year. With over 4% of Indian population filing Income tax and only a little over 1% of the population paying taxes, there is a huge untapped market that can be catered to. Due to ease in filing the income tax, created by Tax2win and other e-filing portals, it is likely to gain more traction.