Startup news and updates: daily roundup (June 20, 2021)
The government is open to coming out with more measures to boost the economy, which has been hit by the second wave of the coronavirus pandemic, said Chief Economic Advisor (CEA) KV Subramanian. He, however, added that the demand for a fresh stimulus package has to be considered against the backdrop of a host of initiatives taken by Finance Minister Nirmala Sitharaman in her Budget for 2021-22 presented in February.
Fuelled by a "huge unsatiated appetite for freedom of exit", the insolvency law is changing the way society perceives business failures as it becomes a reform by, for, and of stakeholders, according to IBBI Chairperson MS Sahoo. In Sahoo's words, with every judgement of the Supreme Court, the Insolvency and Bankruptcy Code (IBC) has developed deeper and stronger roots, and probably boasts of the largest body of case laws.
Bangalore-based startup Kutumb, which has built a social community app platform focused on Bharat, has raised $26 million in a Series A round led by Tiger Global. According to the filings made by Kutumb with the Registrar of Companies (RoC), the startup has allotted 2,919 Series A CCPS shares with a face value of Rs 20 and an issue price of Rs 6.57 lakh. The total amount raised is Rs 192 crore ($26 million).
Bengaluru based Gamut Analytics (Saarthi.ai), a deeptech startup focusing on conversational AI, has recently raised seed investment of an undisclosed amount from Lead Angels Network. Saarthi.ai provides a platform for enterprises to automate inbound and outbound calls/chats and improve Customer Satisfaction (CSAT), with conversational voice-first AI assistants in 30 languages.