By Pinkerala News Desk | Aug 03, 2022

SSBA Inovations Limited (‘TaxBuddy’) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The Company is a technology-driven financial solutions and services platform focusing on providing end-to-end financial solutions in the area of tax planning and filing, personal investment advisory and wealth building to individuals, HUF, professionals, firms, and companies registered on our platforms (jointly referred to as the “Users”) in India. Over the years, it has transformed from being an online tax filing platform to a one-stop-shop for end-to-end Tax Solutions and Financial Solutions provider at an affordable cost

The company plans to raise funds via initial public offerings through fresh issue of equity share capital face value of Rs. 10 each aggregating up to Rs. 105 Crore. 

The company proposes to utilize the net proceeds towards funding (i) User acquisition and business development estimated to be Rs. 65.45 Crores (ii) Technological development estimated to be Rs. 15.22 crores and balance amount towards general corporate purpose. 

Systematix Corporate Services Limited is the Book Running Lead Managers

About the company: 

Post its incorporation on August 14, 2017, the company started working towards developing its product offerings in-house. Its first platform, TaxBuddy was launched in October, 2019, that offers assisted tax (ITR and GST) planning and filing, advisory and IT Notice Management (“Tax Solutions”) and subsequently, second platform, Finbingo was launched in May 2022 that offers financial solutions including planning, advisory and wealth management (“Financial Solutions”).