UrbanClap Raises $21M in Series C, RBI Finalises P2P Lending Norms & Espark-Viridian Invites Applications for July Cohort

NCR-based accelerator Espark-Viridian is inviting applications for its July 2017 cohort.

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Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:

1. Home services start-up firm UrbanClap has raised $21 million in a series C funding round led by Internet investment fund Vy Capital. Led by Alexander Tamas, Dubai-based Vy Capital is a major investor in Zomato. 

Early investors SAIF Partners, Accel Partners and series B investor Bessemer Venture Partners also participated in the round. Existing investors also spent approximately $1 million more to buy shares held by some employees and a part of stakes of angel investors Kunal Bahl and Rohit Bansal, the founders of Snapdeal, UrbanClap co-founder Abhiraj Bhal told LiveMint.

Launched in 2014, UrbanClap plans to use the raised funding to expand to more cities, invest in technology and add new vendors. The company had earlier in May raised Rs20 crore in debt from Trifecta Capital.

2. The Reserve Bank of India (RBI) has finalised norms for peer-to-peer (P2P) lending platforms and is expected to release final guidelines in 2-3 weeks, as reported by TheHindu.

According to the official, the P2P lending interface will come under the purview of RBI’s regulation by defining these platforms as NBFCs under the RBI Act by issuing a notification in consultation with the government.

The proposed regulatory framework would encompass the permitted activity, regulations on capital, governance, business continuity plan and customer interface, apart from regulatory reporting, the official added.

The RBI had floated a consultation paper in April 2016 on the such lending platforms.

3. NCR-based accelerator Espark-Viridian, a joint venture between Entrepreneurial Spark (a Europe-based dynamic business accelerator for early-stage and growing ventures) and Viridian Ventures (a venture catalyst in the startup and SME space), is inviting applications for its July 2017 cohort.

The Espark-Viridian accelerator is looking to invite early-stage and idea-stage startups. The applications are open for all five centres -Ahmedabad, Chandigarh, Greater Noida (NCR), and Mumbai. The team will soon launch a centre in Bengaluru.

The programme is sector-agnostic, and is looking to on-board startups that are innovative, have women entrepreneurs, or are social ventures.

Launched in 2015, Espark-Viridian accelerator offers an accelerator programme of up to 18 months. It provides infrastructure, seed capital, and mentoring. Till date, more than 40 startups have graduated from the accelerator inlcuding Matrubharti, PlayLab, ProBazzar, KleverMind, ParentZap, Accelerate Social Kount, Propel, etc.

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