TeamLease Services, a human capital and staffing firm, announced increasing their stake in Avantis Regtech, the industry leader in digitization of Compliance Management to 61.5%. Along with this equity infusion, the strategic partnership will be expanded by changing the name of the company and brand to TeamLease Regtech.
TeamLease Regtech will offer a state-of-art web SAAS based web and mobile based digital platform to over 1,500 entities, 20,000 enterprise users across 45 industries for the stock and flow of Indian employer compliances. For stock, the platform supports the centralized creation and management of over 5 million compliance documents via a customized database of 1,536 Acts that create 69,233 unique Compliances applicable to corporate India. For flow, it digitizes over 3,500 annual regulatory updates from over 2,200 regulatory websites. In addition, the company serves as a platform that enables over 2,000 CAs (Chartered Accountants) and 1,300+ PCS (Practicing Company Secretaries), the statement said.
Commenting on the partnership, Ashok Reddy, Managing Director, TeamLease Services, said, “COVID has accelerated the digitization of employer plumbing by ten years. Simultaneously, policy makers are adopting a new policy thought world that moves beyond the now discontinued World Bank EODB ranking to an employer perspective. Regtech is important infrastructure for Putting India to Work and in anticipation of the addressable market expanding by 20X, we are excited to expand our partnership with Avantis”.
Rishi Agrawal, Co-founder & Director, TeamLease Regtech, said, “Corporate India faces rising demands for robustness and transparency in governance, risk and compliance. Traditional, manual, ad-hoc, paper based and people dependent compliance fail to scale. Avantis started in 2015 and entered into a strategic and equity partnership with TeamLease Services in 2018; expanding this partnership was logical as policy makers target multiple ease-of-doing business metrics to expand formal job creation”.
