Taxmantra is a global tax and legal firm and is looking to invest $100 Mn into tech startups in India and Southeast Asia; through its latest investment arm called ProfitBoard Ventures. It is headquartered in Singapore, ProfitBoard Ventures is a curated growth-stage investment banking firm launched on Tuesday.
Alok Patnia, the managing partner of ProfitBoard Ventures, said, “Inadequate capital is the number one roadblock on the path to scale from the idea stage, this is where ProfitBoard Ventures will offer quality capital and much required hand-holding to early and growth-stage founders. Our medium-term 3-year goal is to nurture 100+ startups from India and Southeast Asia.”
Taxmantra was founded in 1983 by Patnia. The company provides advisory, tax, and regulatory services to global businesses and has global delivery centers in Singapore, New York, San Francisco, Los Angeles, Bengaluru, Mumbai, Kolkata, and Delhi.
According to sources, more than 55,000 startups were launched in India in the last five and half years alone, out of which over 3,200 startups raised $63 Bn in funding. The digital boom and technology disruption, especially in the current times, has led to the increased interest of investors, particularly in the tech-domain.
In a bid to tap into this, even Australia-based software firm Atlassian Corporation has launched a new $50 Mn global fund Atlassian Ventures to invest in cloud-based startups that are building products in the overall Atlassian ecosystem. The company said that it is keen to nurture India’s vibrant startup ecosystem and rich technical talent pool.