Hyderabad-based SME Neobank, ZikZuk Technologies acquires TaxSpanner2 weeks ago Rituka M
Zaggle was founded in 2011 as a Mumbai-based SaaS fintech company by serial entrepreneur Raj N. He aims to simplify and automate financial transactions and create a global digital banking platform. ZikZuk is based in Hyderabad, Telangana.
TaxSpanner, a Delhi-based e-tax filing startup has a suite of products including Tax Filing, Tax Advisory, Financial well-being, etc.; and is looking to expand its service offerings into Indirect Taxes with its products on GST filing and Reconciliation. With a user base of over one million, TaxSpanner.com also provides e-filing assistance from experts at affordable prices.
Further, with a vision to create a sustainable and scalable financial ecosystem around SMEs, ZikZuk classifies companies with a turnover of upto $100 million as SMEs. Having already launched its credit “founders card”; (which is a credit card with a higher credit limit than traditional cards; purchase discounts; automated bill payments; founder-centric rewards and benefits; and AI-generated business reports), ZikZuk has expanded to other offerings such as Business Finance Manager and Connected Banking. According to the founder; “FoundersCard is a great product for SMEs to avail revolving credit. We have seen a massive demand for SMEs, and the country is very credit hungry.”
The strategic acquisition of TaxSpanner.com will enable ZikZuk to enhance its product offerings and assist SMEs in becoming digitally compliant. The current offerings of ZikZuk such as ‘Business Finance Manager’ integrate with the existing MSME accounting software and banking ecosystem; and empower MSMEs with actionable insights on sales, cash flow, payables, and receivables, among others. Integrating TaxSpanner.com with its current offerings will further enable ZikZuk’s SME customers to manage tax filing apart from banking transactions.
Bytes On The ZikZuk-TaxSpanner Acquisition
Rahul Rasa, Co-Founder & CEO, ZikZuk said; “SMEs have been the backbone of socio-economic development in India and this strategic acquisition of TaxSpanner will further help us provide innovative solutions to small businesses across India. The products of TaxSpanner are highly complementary to our current products of ‘Connected Banking’ and ‘Business Finance Manager’; and we further plan to leverage the expertise and its strong customer base of over one million users. ZikZuk will continue to innovate and build products for the SME segment; thereby addressing the problems of Cash flow, Compliance, Credit, and Automation. We also slowly plan to expand into the mid-market segment. This important acquisition will further help us accelerate our vision to create a sustainable & scalable financial ecosystem around MSMEs; help them grow their business, and also enable founders to make data-driven business decisions.”
Adding, he says; “With this acquisition, I will join the Board of TaxSpanner.com and spearhead the company to deliver seamless customer experience. The current Co-founders and employees of TaxSpanner will continue as it is. At present, TaxSpanner will operate as a Subsidiary. Over time, we aim to merge it with ZikZuk. Further, part of the Acquisition is already completed, and we expect to wrap up the rest in the next 6 to 8 weeks.”
Speaking on the development, Sudhir Kaushik – Co-Founder & CEO, TaxSpanner.Com says; “We are delighted and look forward to joining hands with ZikZuk. This development will help us in fulfilling our mission of providing definitive solutions to SMEs; streamline the service delivery process in personal taxation and finance space with minimum human interface.”