Tax portal TaxBuddy to raise 105 crores through an IPO as per the DRHP filed with SEBI.

Date : 08/08/2022
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TaxBuddy to raise 105 crores through an IPO!

The year 2022 has been volatile for the stock markets. Stock markets have been volatile globally, owing to the tensions in Europe between Russia and Ukraine. Also, the high inflation is keeping the stock market returns subdued. Startups have been particularly affected in this volatile environment. We have seen startup stocks like Zomato Paytm and Cartrade fall more than 50%.

In the backdrop of this volatile environment, SSBA Innovations is coming with an IPO. The firm runs the tax portal, TaxBuddy. The firm has filed a 105 crores IPO with SEBI, the stock market regulator in India.

Related: How IPOs differ from NFOs?

IPO details of SSBA Innovations (TaxBuddy)

The company SSBA Innovation runs a tax portal by the name of TaxBuddy. It is a fintech startup founded by Sujit Bangar, an ex-IRS officer. The portal helps in the planning and filing of tax returns. Also, the portal provides personal investment advisory and wealth building to its clients.

The company will raise Rs 105 crores per the Draft Red Herring Prospectus (DRHP). Rs 65.5 crores will be used to acquire new clients and business development. Rs 15.22 crores will be used for technological development. The balance amount will be used for general corporate purposes.

Tax buddy was launched in October 2019 and helps its clients in tax planning and filing (GST and ITR), income tax notice management etc. Finbingo was launched in May 2022 and is part of SSBA innovations. The firm's business is financial planning, advisory, wealth management and other financial solutions. Systematix Corporate Services will manage the Ipo. The equity shares are expected to be listed on NSE and BSE.

The IPO of SSBA Innovations will help the company raise Rs 105 crores and meet its requirements comprising general corporate purposes, technological development and acquisition of new customers. The year 2022 has been volatile for the stock markets, but new companies are still looking to the stock markets to raise money. The recent uptrend in the stock markets from the middle of June is giving some confidence to investors globally. If this recovery continues, we can expect many more IPOs to come in the second half of this year.