The Indian arm of Industrial and Commercial Bank of China (ICBC), China’s largest bank by market value, has established a $200 million fund to invest in Indian micro, small, and medium enterprises (MSMEs).
Zheng Bin, CEO of the Industrial and Commercial Bank of China (ICBC) India on Monday gave an overview of Indian start-up ecosystem and how to invest in them at the 2nd ‘Startup India’ Investment Seminar organised by the Indian Embassy here.
The seminar organised by the Indian Embassy, along with Startup India Association (SIA) and Venture Gurukool, saw over 350 Chinese representing Chinese venture funds, and angel investors, participate in a day-long pitching session.
Furthermore, 20 Indian startups represented by 42 Indian entrepreneurs participated in the event, looking to fetch investments. Around 7-8 participating startups are expected to get commitments amounting to $30 million from the investors.
Last year during First Startup Investment Seminar, four out of 12 participating startups got funding of around $15 million from the Chinese VCs.
The event was aimed at showcasing the investment and growth potential of the Indian startup ecosystem to the Chinese investor and VCs.
Over the last few years, Indian startups have been gaining popularity among international investors, including Chinese.
Earlier this month, it was reported that Chinese venture capital firm Shunwei Capital raised ₹8,800 crore for its sixth global fund, with focus on India, among other countries.
Shunwei Capital has been increasing its exposure in India over the years, some of its recent investments include, Meesho, Truebil, ShareChat, Upwards, and myUpchar, among others.
Other active Chinese investors in the Indian startup ecosystem include Xiaomi, Alibaba, Morningside Ventures, among others.