Mool Innovation Labs, which operates as a SAAS Tax saving & salary optimisation product, has caught the attention of investors and has received seed funding from Next Generation Incubation Scheme (NGIS) of Software Technology Parks of India (STPI). Pontaq Ventures India LLP is the fund manager of the aforesaid fund.
Founded by Seemant Shrivastav and Subhashree Mishra in 2019, Mool is India’s first tax optimization and salary personalization tool that aims to fundamentally change the way people deal with money starting from salary. Mool adds “human intelligence” and employs smart algorithms and machine learning technologies to personalise finance and taxation for all working professionals in India. Mool also offers smart investment and borrowing options. Mool is planning to invest the funds into charging up their go-to-market strategy, product development, and expanding the team.
Mool’s innovative approach to identifying each employee as a person with different financial needs and optimising taxes accordingly has given it an edge in attracting a strong client base. Speaking about the funding, Seemant, co-founder at Mool said, “We thank STPI & Pontaq Ventures for showing confidence and trusting our vision to build a world-class fintech platform. Mool has built technology to simplify the tax & financial jargon by optimising compensation benefits and also provides financial literacy to its customers. Today, our youth is crippled by limited knowledge of salary structure and needs guidance on saving and investment options. We’re intensely passionate about solving this problem and providing users with the option to grow their money through effective planning.”
Prem Barthasarathy, Managing Partner, Pontaq Ventures India LLP stated, “Mool has identified a crucial problem being faced by employees today and is trying to build financial discipline for today’s generation by simplifying taxation and finance. We like their approach to solving personal taxation conundrum and giving their customers a user-friendly platform that has an objective to optimise their savings. We are excited to partner with Mool in this journey.”
Mool Innovation Labs is a leading fintech startup that aims to leverage technology for corporate employees by facilitating effective tax planning, smart investments, insurance, and borrowing options. Mool simplifies the personal financial and taxation jargon and makes it accessible to all. With the products of Mool, organisations, and employees can now maximise the value of their salaries without a hassle. Mool’s mission is to create a platform to educate everyone, optimize the growth of their money, and empower them with rich facts and proven analysis for decision making.