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PayU-backed Fisdom acquires Tax2win

PayU-backed Fisdom acquires Tax2win
Photo Credit: 123RF.com
23 Feb, 2021

Fisdom, focused on investment and wealth management, has acquired tax returns filing platform Tax2win.

Benglauru-based Fisdom said the move will mark its entry into the tax solutions segment. 

The two companies did not disclose the financial details of the transaction. Tax2win will continue to operate as an independent firm. 

Tax2win, operated by Winiin Tax Scope Pvt Ltd, was set up by co-founders including CEO Abhishek Soni. The company helps plan and file income tax returns, including for individuals and small businesses. 

Fisdom, operated by Finwizard Technology Pvt Ltd, was set up by Anand Dalmia and Subramanya SV in 2015. 

The company provides technology-enabled wealth management services including solutions for investments, savings, and protection. It has partnered with banks and NBFCs including Oriental Bank of Commerce, Bank of Baroda, and Bajaj Finserv.

In December last year, Fisdom raised $7 million (around Rs 51.7 crore) in a round led by existing investor PayU, with participation from other backers including Quona Capital and Saama Capital.

That round came after Fisdom in October 2019 raised $11 million (around Rs 78 crore) by selling a minority stake to a clutch of investors including PayU, Quona, and Saama Capital. 

Prior to this, the startup had secured $3.84 million in a Series B round led by Quona in late 2017 and mopped up $1.1 million from Saama the previous year.