Manu Kaushik Edition: June 26, 2011
Taxspanner founder Ankur Sharma
Founded in: 2007
Founders: Ankur Sharma, Sumit Grover, Manoj Yadav, Sudhir Kaushik
What makes it cool: Makes filing tax returns easy. Has acquired 250,000 clients in just four years
Sahad's take: Market opportunity looks good. However, there are a number of tax filing websites. There will also be competition from the neighbourhood accountants. May need a diversified strategy to succeed.
With an initial investment of Rs 40 lakh, the portal began operations in July 2007. Within a year, over 25,000 individuals had filed their returns through Taxspanner. The number has been doubling every year since then and currently stands at 250,000. "For a typical employee, filing tax returns is often a cumbersome task," says Sharma, adding: "Our clutter-free website takes away the pain and reduces the time taken."
Taxspanner is also targeting corporate clients in a big way. It has tied up with over 500 companies such as Punjab National Bank, American Express, Google and Accenture, and plans to double the number by 2013.