TeamLease, the recruitment and staffing company, has increased its stake in Avantis Regtech, a company which digitises the compliance-management system for companies. Not only has TeamLease increased its stake to 61.5 per cent, but the partnership will be expanded with the change of the company name. TeamLease will now be branded as TeamLease Regtech.
TeamLease Regtech will offer state-of-the-art web, SAAS-based and mobile-based digital solutions for the stock and flow of Indian employer compliances.
Regtech has seen an increase in the demand for its services, with companies and board members automating, digitising and having real-time compliance-management systems in place.
“COVID has accelerated the digitisation 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,” says Ashok Reddy, managing director, TeamLease Services.
Avantis started its operations in 2015 and has entered into a strategic and equity partnership with TeamLease Services in 2018. For TeamLease, expanding this partnership was logical as policy makers target multiple ease-of-doing business metrics to expand formal job creation.
“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,” Rishi Agrawal, co-founder & director, TeamLease Regtech, mentions.
TeamLease Regtech supports the centralised creation and management of over five million compliance documents via a customised database of 1,536 Acts that create 69,233 unique compliances applicable to corporate India. For flow, it digitises over 3,500 annual regulatory updates from over 2,200 regulatory websites. In addition, the Ccompany serves as a platform that enables over 2,000 chartered accountants(CAs) and 1,300+ practising company secretaries (PCS).
