SSBA Innovations, which runs TaxBuddy, files Rs 105-cr IPO papers with Sebi

SSBA Innovations, which runs tax portal TaxBuddy, has filed preliminary papers with capital markets regulator Sebi to raise Rs 105 crore through an Initial Public Offering (IPO).

The IPO is entirely a fresh issue of equity shares aggregating up to Rs 105 crore, according to the Draft Red Herring Prospectus (DRHP).

Proceeds of the issue to the tune of Rs 65.45 crore will be used for funding user acquisition and business development, Rs 15.22 crore for technological development and balance amount towards general corporate purpose.

The company is a technology-driven financial solutions and services platform focused on providing 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 its platforms.

Incorporated in 2017, SSBA Innovations owns two platforms -- TaxBuddy and Finbingo.

TaxBuddy was launched in October, 2019, that offers assisted tax (ITR and GST) plan