India-headquartered accounting and legal services firm Taxmantra Global has formed a venture capital and investment banking vehicle tasked with investing $100m in the next 18 months, DealStreetAsia has reported.
ProfitBoard Ventures has secured limited partners for its fund and will target developers of technology in areas such as educational, health and deep technology as well as artificial intelligence and machine learning products.
The vehicle is based in Singapore and will invest across Southeast Asia and India. ProfitBoard already provides deal structuring, fundraising and strategy consultation as well as assistance with mergers and acquisitions, and has helped with more than 100 deals in the past three years.
Alok Patnia, managing partner of ProfitBoard Ventures, said: “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.”
The unit already lists 25 portfolio companies on its website, including online food delivery service Swiggy, research management software provider Typeset and online lending platform developer Rupeek.
