Startup news and updates: daily roundup (Aug 11, 2021)
The finance ministry on Tuesday said the economic impact of the second wave of the COVID-19 pandemic is likely to be muted and there are visible signs of economic rejuvenation. The latest Monthly Economic Review, released by the finance ministry, said the "robust recovery in tax collections cushions the fisc towards meeting the budgeted support to the economy".
Ping, the conversational community commerce app, has raised $3.5 million in seed funding led by Elevation Capital. The fund raised will be used for platform innovation and development, strategic hiring, and for expansion across all metropolitan cities in India.
Commenting on the fundraise, Vartika Bansal, Founder, Ping said, “The maker economy in India is booming, and with the rising ecommerce penetration, a strong movement to provide, preserve, and celebrate makers and their identities is emerging."
The government on Tuesday said it will take all measures to eliminate the use crypto-assets in funding illegitimate activities or as part of the payment system. In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary also said the government will explore the use of block chain technology proactively for ushering in digital economy.
Bharat ATM, a rural banking platform that offers banking services to small merchants and customers through its assisted banking app, on Tuesday said it plans to bring around 20 lakh outlets in its fold by the end of the next year. Currently, it has onboarded 4.5 lakh small merchants covering 14,645 PIN codes.
Stellaris Venture Partners, an early-stage venture capital firm, has announced the closing of its second fund at $225 million. In addition to strong support from existing Limited Partners, the fund saw participation from several new global institutions. Global institutional capital forms more than 80 percent of the capital base of the second fund.
The fund did a first close in April and was fully subscribed within 45 days. With this fund, Stellaris Venture Partners now has more than $300 million in assets under management.