Mumbai, Bangaluru: In a step towards building financial dignity and accelerating financial wellbeing in the urban underserved, the award-winning socially driven startup, CabDost, which serves the taxi drivers and other gig and unorganized communities to file their taxes and help plan their finances, merges with Dvara Money, a Dvara initiative (formerly IFMR Trusteeship Services Pvt. Ltd).
Dvara Money caters to India’s growing urban gig-economy workers and the blue-collar segment. It offers personalized financial solutions based on behavioral insights and helps customers improve their financial wellness. CabDost is a regional tech platform serving taxi drivers and unorganized communities through tax and other advisory services. Through direct filed engagements and digital initiatives, CabDost has been able to have a large impact in reducing informalities and building credibility by organizing financial inclusion drives impacting more than lakh community members across 15 cities offline and 100 cities online.
“CabDost has been working relentlessly over the last few years to encourage Taxi drivers in adopting the formal financial system, pay their income tax, in turn making them eligible to plan their finances and access funds from banks, financial institutions, and registered fintech, like Dvara Money. Together, we aim to offer a full-service financial service offering and facilitate the distribution of financial products by leveraging technology and deep customer insights and bring Urban Bharat within the formal financial umbrella,” said Samir Shah – Executive Vice-Chair & Managing Trustee, Dvara Trusteeship Services Pvt. Ltd.
“CabDost has been doing great work in bringing tax returns to the Urban Bharat segment. Leveraging our expertise in facilitating financial wellness in the form of Spark Account, Dvara Money will empower this segment with financial services, along with other benefits like tax returns, which will enable our customers to be better prepared to face challenges in the present and future. As a combined entity, we will be leveraging a community first approach with data insights from CabDost’s previous 50000+ tax filings and deep understanding about the financial services to curate Savings first wealth management advisory, thus nudging them away from risky chit funds,” said Pramod Ghorpade, Co-Founder & Director, Dvara Money.