Indian Angel Network invests in online tax filing firm

Indian Angel Network (IAN) has invested in Span Across IT Solutions Pvt Ltd, which runs an online tax filing service called TaxSpanner.com for a minority stake. No financial details were provided.

The funds raised will be used by the three year old start-up to accelerate its growth and for product development. This is the first round of external funding by the Delhi-based startup.

While there are quite a few online tax filing sites, TaxSpanner says its USP is its privacy policy as it does not engage in cross-selling after obtaining client information.

"What sets us apart from besides our market share and product is the very strong privacy policy and the shield we provide to our users from selling of other financial products in guise of tax filing," said Ankur Sharma, co-founder of TaxSpanner.
"IAN is going to overemphasise on the privacy matter and ensure that the company achieves the highest governance standard," said Sanjay Bansal, an investment banker and another IAN member who has invested in the firm.
Also, TaxSpanner is focusing on getting corporate clientele besides the retail consumers. It has tied up with more than 100 companies with clients like HCL Technologies, Accenture, among others. TaxSpanner also has clients like Citibank and Punjab National Bank, who use its services for their customers. The company now has around 200,000 users from hundreds of employers in India.

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