Indian tax and legal services firm Taxmantra Global (TMG) has announced the launch of its standalone investment banking arm and private investment arm ProfitBoard Ventures, to back technology-enabled startups in India and Southeast Asia.
Headquartered in Singapore, ProfitBoard Ventures will assist early- and growth-stage startups in fundraising through its consortium of investors. It has already onboarded a consortium of global investors to inject $100 million funding into selected startups in the next 18 months, per a statement.
“Inadequate capital is the number one roadblock on the path to scale from idea-stage. This is where ProfitBoard Ventures will offer quality capital and much-required hand-holding to early- and growth-stage founders. Our three-year goal is to nurture 100-plus startups from India and Southeast Asia,” said Alok Patnia, managing partner of ProfitBoard Ventures.
TMG has assisted in 100+ deals in the last three years translating to about $180 million funding in its existing portfolio of startups, per the statement.
Taxmantra has a presence in India, Singapore, and the USA, and is involved in setting up business, cross-border tax, and legal compliance with fundraising assistance. The firm claims to have serviced 40,000 clients globally.
According to the company, at the end of 2019, India stood as the 3rd largest startup ecosystem in the world, with 26 unicorns. In 2020, COVID-19 became another black swan event, with a decline in overall investments, especially April-June.
Investments are, however, expected to reach pre-COVID levels by the end of 2020. Median ticket size for seed- and early-stage startups are expected to increase. With the shift towards digitisation and remote working, deep tech, edtech, health-tech, AI/ML startups would have an edge.