Startup news and updates: daily roundup (May 31, 2021)

Paytm board grants in-principle approval for around Rs 22,000 Cr IPO

Digital payments and financial services firm Paytm has received in-principle approval from the company's board to raise around Rs 22,000 crore through an initial public offer (IPO) during the October-December quarter this year, according to an industry source. The company is looking at an enterprise value of over Rs 2 lakh crore for the IPO.

Jai Kisan raises $30M in Series A round led by Mirae Asset (Funding)

Rural fintech startup Jai Kisan has raised $30 million Series A funding led by Mirae Assets. Existing investors Blume Ventures, Arkam Ventures, NABVENTURES (NABARD), Prophetic Ventures, Better, other global investors, and prominent HNIs also participated in the round along with Syngenta Ventures. Blacksoil, Stride Ventures, and Trifecta Capital contributed the debt in the round.

Employee health insurance startup Plum raises $15.6M led by Tiger Global (Funding)

Plum — the Bengaluru-based employee health insurance startup that provides health benefits to SMEs, corporates, and startups — recently raised $15.6 million in Series A funding led by Tiger Global, with participation from earlier investors — Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital.

COVID-19: Labour ministry announces additional benefits under EPFO, ESIC schemes

The Ministry of Labour and Employment has announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the COVID-19 pandemic.

These benefits include pension for dependents of insured persons with Employees' State Insurance Corporation (ESIC) who died due to COVID-19 and a hike in maximum sum assured under the group insurance scheme Employees' Deposit Linked Insurance Scheme (EDLI), run by Employees' Provident Fund Organisation (EPFO), to Rs 7 lakh from Rs 6 lakh.