8 Indian Startups to Receive $30 Million from Chinese VC Funds and Angel Investors
As year 1608 was remembered for entry of East India Company which eventually evaded and colonized India till 1947, it seems that this millennium’s years of 2010s will be remembered for business evasion of India by China. It is because within a day after China’s largest bank announced of investing US$200 million into Indian MSMEs, as much as 350 Chinese Venture Capital (VC) funds and angel investors have joined the party with announcement of investing US$30 million in 8 Indian Startups.
Yesterday, in the 2nd Startup India Investment Seminar held in Beijing, Ministry of Commerce and Industry has announced that Chinese VC funds are likely to invest around $30 million in eight Indian start-ups. The name these 8 startup have not been disclosed yet.
Organized by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool, this one-day long event was planned to expose Chinese VCs and investors to the promising Indian startups and help them to reach out to the large Chinese investors for receiving investment for their ventures.
42 Indian entrepreneurs representing 20 Indian startups participated in the event and pitched before Chinese investors. More than 350 Chinese VC funds and angel investors participated in the day-long seminar.
In the first Startup India Investment seminar held last year, 12 Indian startups participated, of which 4 secured a funding of $15 million from Chinese VCs.
China is among the fastest-growing sources of foreign direct investment in India. In 2017, China invested an estimated $2 billion, compared to $700 million in 2016, tripling the funding in a single year. From 2014 to 2015, mainland China’s FDI into India grew either by 200 percent or 600 percent – depending on which of the two countries reported it.
This year, China has invested over $8 billion in India, according a top Chinese official.
Currently, besides Jack Ma’s Alibaba, Tencent and Shunwei Capial, multiple Chinese VC funds including Qiming Ventures, Morningside Ventures, CDH Investments, 01VC, and the Orchid Asia Group, are considering buying stakes in Indian startups, ranging from those innovating financial and education technology to e-commerce, content, and online classifieds platforms.
In September, it IndianWeb2 reported that Chinese Electric Vehicle (EV) company, Sunra, will set up its manufacturing facility in India.
In February, India’s leading food ordering and delivery platform Swiggy had raised $100 million from China’s largest service e-commerce platform, Meituan-Dianping.
Source: IndianWeb2
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