China’s largest bank Industrial and Commercial Bank of China (ICBC) has established a $200 million (INR 1460 crores) fund for the Indian startup ecosystem. The Indian arm of ICBC will lead the investments to micro, small and medium enterprises (MSMEs) in India.
On Monday, the CEO of Industrial and Commercial Bank of China, Zheng Bin gave an overview of the Indian startup ecosystem at the 2nd Startup India Investment Seminar organized by the Indian Embassy along with Startup India Association and Venture Gurukool.
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The event saw over 350 Chinese venture capital firms and angel investors participating in a day-long pitching session. 20 Indian startups represented by 42 entrepreneurs participated in the function to raise funds. Investors committed more than $30 million to around 7-8 startups who attended the event.
Last year, four out of 12 startups raised a funding of $15 million from Chinese investors in the First Startup Investment Seminar.
Over the last few years, the Indian startup ecosystem has shown tremendous growth potential and gained popularity among international venture capital firms and angel investors.
Earlier this month, Shunwei Capital, a Chinese VC firm raised INR 8,800 crores for its sixth global fund with a special focus on Indian startups. The venture firm has been very active with Indian startup investments proving funds to Indian players like Meesho, Truebil, ShareChat, myUpchar and Upwards among many others.
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Other Chinese investors like Xiaomi, Alibaba and Morningside Ventures have also invested in Indian startups over the past few years.