Being a keen observer and a technical leader at Fidelity Investments and Deutsche Bank in the United States, Vishvajit Sonagara was quick to understand the impact of proper handling of personal finances in the lives of people. There are two types of people – those who have a clear financial objective and would plan, save and invest accordingly; the others are people with no financial planning. The Americans largely belong to the first group of people, and Vishvajit observed how personal financial planning has been generating wealth and prosperity for them.
Back in India in March 2014, Vishvajit was taken aback with the shoddy personal finances scenario in the country. “Financial planning is important but badly missing in the India. There are so many things to do under financial planning. A fixed deposit in banks fetches 10% interest. If you start earning at 23, by the time you reach 30, you can save up to $10 Mn by optimising tax planning,” he said.
Initially he looked at many areas such as online brokerage, but the complexities around it, including the stock exchange licenses, dampened his spirits and he steered away from it. The next item on the list was direct taxation and ITR filing.
Around the same time, he was introduced to Anand Satyapanthi, a Chartered Accountant by profession. Vishvajit had come up with a concept on tax filing, and he laid it bare for Anand. The chartered accountant was hooked, and gave up his job to join hands with Vishvajit to develop the concept; and Quicko was born.
What Is Quicko?
“Quicko is not just about online tax filing. We are neither an accounting firm nor a tech filing platform,” Vishvajit said. “Our clear objective was to build a Do-It-Yourself software that simplified the entire process of tax filing and also aided in finance management. We created Quicko as a platform to focus on financial planning.”