TeamLease Services raises stake in Avantis Regtech; renames it as TeamLease Regtech

Staffing firm TeamLease Services on Monday announced increasing its stake in employer compliance SAAS platform Avantis Regtech to 61.5 per cent, which will also include changing the name of the latter to TeamLease Regtech.

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"COVID-19 has accelerated the digitisation of employer plumbing by 10 years. Simultaneously, policymakers are adopting a new policy thought-world that moves beyond the now-discontinued World Bank EoDB (ease of doing business) ranking to an employer perspective," TeamLease Services Managing Director Ashok Reddy said in a statement.

He added that regulatory technology (regtech) is an important infrastructure for putting India to work and in anticipation of the addressable market expanding by 20 times. "We are excited to expand our stakes to 61.5 per cent in Avantis."

TeamLease Regtech will offer a SAAS (software-as-a-service)-based web and mobile-based digital platform to over 1,500 entities and 20,000 enterprise users across 45 industries for the stock and flow of Indian employer compliances.

TeamLease Regtech co-founder and Director Rishi Agrawal 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."

Agrawal added that Avantis started in 2015 and entered into a strategic and equity partnership with TeamLease Services in 2018. "Expanding this partnership was logical as policymakers target multiple ease-of-doing business metrics to expand formal job creation."