India-based gig economy startup CabDost has merged with Dvara Money, the financial services arm of Dvara Trust, to improve access to financial services for cab drivers in the country.
Dvara Money serves the urban gig economy workers and the blue-collar segment, offering personalised financial solutions and boosting their financial wellness.
By combining with CabDost, the company will continue to offer tax returns and other financial services in this segment, via its Spark Account offering.
Dvara and CabDost intends to improve access to financial advice, credit, and wealth products for cab drivers across the country.
Dvara Money co-founder and director Pramod Ghorpade said: “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.”
Dvara Trusteeship Services executive vice chair and managing trustee Samir Shah said: “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 (Urban India) within the formal financial umbrella.”
CabDost caters to taxi drivers and other unorganised communities, by helping them file their taxes, and plan their finances.
Through its digital initiatives, the fintech platform has helped built credibility of over 100,000 community members across 15 cities offline and 100 cities online.
The company has partnered with aggregators, airport authorities and other businesses in the country.
It focusses on simplifying tax and compliance needs, while its partners apply for loans and GST filing.
CabDost founder and chief enabling officer Yamuna Sastry said: “We started CabDost to bring financial inclusion after our research with 3000 drivers realising that the new age contract workforce is excluded due to credibility issues.
“We are handholding communities through mass awareness about tax filing, PAN and Aadhaar linking and financial literacy sessions across the country.
“We have built stress-free assisted mode for tax filing to help plan their finances.
“Most of the revenues have been reinvested for 10000+ free IT-filing campaigns, spreading awareness on financial literacy for both taxi drivers and their spouses, besides organising health camps, sessions about Government schemes and career counselling sessions for gig workforce children.”