Cygnet and Avant Group Corporation sets up a joint venture to help compliance and governance

Cygnet and Avant Group Corporation have partnered to set up a joint venture DivaCygnet for group governance, financial consolidation, and compliance solutions on a global scale, starting with a focus on India.

The JV will introduce two flagship offerings - financial consolidation statement solution (DIVA) and the board management software (Trinity) of Avant Group Corporation.

"We are thrilled to unveil our JV, DivaCygnet, a testament to the collaborative spirit driving technology innovation in the board management and compliance space," said Surendra Sharma, managing director and board member of Avant Group Corporation. "This joint venture marks a significant milestone in our mission to empower enterprises globally with cutting-edge technologies that streamline operations and enhance compliance."


Cygnet.One flagship offering, Cygnet Tax, automates GST compliance processes for enterprises in India. As a GSTN-approved GST Suvidha Provider (GSP) and Invoice Registration Portal (IRP), Cygnet.One processes approximately 20% of India's e-invoicing traffic, demonstrating its commitment to driving technological advancements in compliance processes.

By targeting over 200 large multinational corporations, each with more than 20 subsidiaries based in India, the JV anticipates substantial business prospects with an objective to generate 50 crores in revenue over the next three years, with an ambitious year-on-year growth projection of 250%. This strategic partnership is poised to drive considerable business expansion and profitability.

"This venture represents a fusion of expertise, innovation, and commitment to solve challenges encountered by CFOs and CEOs alike. With a proven track record of meeting the evolving needs of CFOs, our ambition with DivaCygnet is to elevate our efforts to tackle a broader spectrum of challenges faced by business leaders," said Niraj Hutheesing, managing director and founder of Cygnet.One.

By leveraging the existing brand presence of Cygnet, the JV will deploy specialized teams and field operations across key regions such as Mumbai, Delhi, Bengaluru, and Pune. This multi-pronged approach aims to maximize market penetration and drive the adoption of DIVA and Trinity among Indian and UAE corporations.

Furthermore, DivaCygnet will explore strategic partnerships with accounting firms and software integrators to expand its market presence and explore opportunities in new geographical markets where Cygnet.One has established enterprise exposure.