SSBA Innovations scraps IPO plans, pull out draft papers

By News - Team

August 30, 2022

SSBA inventions, which runs duty gate TaxBuddy, has decided to withdraw its Rs 105 crore original Public Offer (IPO). This has come the fourth company to abandon its planned IPO so far this time.

Before, sutured fabrics, which owns leading men’s wear and tear fashion brand Barcelona; Nandan Terry, part of the Chiripal group and Uma Converter had scrapped their proposed original share deals. Maharashtra. Going by the draft papers, SSBA inventions’ IPO was slated to be an entirely fresh issue of equity shares of over to Rs 105 crore.

Out of this, Rs65.45 crore was proposed to be used to fund stoner accession and business development, Rs15.22 crore for technological development and balance quantum towards general commercial purpose. The company had filed the Draft Red Herring Prospectus (DRHP) for the planned IPO on July 29 with the Securities and Exchange Board of India (Sebi).

Still, the draft offer documents for the IPO were withdrawn on August 24 and the reasons for the pull-out haven’t been bared, an update with the requests controller showed on Monday.

The company is a technology- driven fiscal results and services platform concentrated on furnishing fiscal results in the area of duty planning and form, particular investment advisory and wealth structure to individualities, HUF, professionals, enterprises, and companies registered on its platforms. Incorporated in 2017, SSBA inventions owns two platforms– TaxBuddy and Finbingo.

TaxBuddy, launched in October 2019, offers supported duty (ITR and GST) planning and form, advisory and IT notice operation and Finbingo was launched in May 2022 that offers fiscal results, including planning, premonitory and wealth operation.

About SSBA Innovations

We are 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 in India.

Our first platform, TaxBuddy offers assisted tax (ITR and GST) planning and filing, advisory and IT Notice Management (“Tax Solutions”) and subsequently, our second platform, Finbingo offers financial solutions including planning, advisory and wealth management (“Financial Solutions”). Over the years, we have 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.

Vision & Mission

• Our Vision is to create Fintech offerings that are meaningful, impactful and long lasting for consumers. Be it tax compliance, tax planning, financial planning, investment advisory or any other financial service, we want to bring the most efficient solutions via technology that can benefit consumers and improve their lives in the long run.
• Our Mission is to provide accurate tax compliance solutions and fiduciary investment solutions to our customers by leveraging modern technology.

 Our Values

• Client Trust – Build trust and surpass client expectations consistently
• Innovation – Our constant change: Strive relentlessly to innovate to bring efficiencies, growth and increased competitive advantage
• Integrity and Transparency – Be ethical, sincere and open in all our transactions to bring value to our business

Our Objectives

Our organization runs on the underlying belief that technology exists to make our lives simpler. Traditional approaches to predictive modelling can often be time-consuming, yet inaccurate. We believe that complex decision making can be made simple by efficiently using technology to replace manual effort in choosing from a wide range of options and arriving at the best possible solution for your needs.