Taxmantra Global (1), a global tax and legal firm, is looking to invest 100 million USD in India and Southeast Asia’s tech startups. The firm would pour the capital via its latest investment arm called ProfitBoard Ventures in the next 18 months.
Launched earlier today (Tuesday, 20 October), ProfitBoard Venture, Headquartered in Singapore, is a curated growth-stage investment banking firm. It would focus on the startup funding, deal structuring and merger, and acquisition activities of Taxmantra.
The managing partner of ProfitBoard Ventures, Alok Patnia, stated that capital scarcity is the top roadblock to scale a startup for an idea. Patnia said that ProfitBoard would offer quality capital and the required hand-holding to early and growth-stage startups. The 3-year aim of the Taxmantra firm is to nurture over 100 startups from India and Southeast Asia.
Taxmantra to Take More Direct Role in the Investment Ecosystem with the Launch of ProfitBoard Ventures
Any startup interested in getting fundings from ProfitBoard Ventures would need to share their business plan. Then, the global advisory board of the firm would review the plans. Selected startups would get a chance to pitch their business with the ProfitBoard Consortium of international investors in a Virtual Hot Pitch.
Alok Patania founded Taxmantra Global, TMG, in 1983. It offers advisory, tax, and regulatory services to global businesses. Moreover, it also has global delivery centers in New York, Singapore, Los Angeles, San Francisco, Mumbai, Delhi, Kolkata, and Bengaluru.
In the past three years, Taxmantra has assisted more than 100 deals with 180 million USD funding in its existing startup’s portfolio. Reportedly, Taxmantra Global is looking to take a more direct role in the investment ecosystem with the launch of ProfitBoard Ventures.
According to reports, India has seen a launch of more than 55,000 startups in the last five and a half years alone. From which, 3,200 startups have managed to secure 63 billion USD in funding. Investors are now more inclined towards startups, especially in the tech domain, because of the growth of digitalization and technology disruption in the current time.