 "Chinese investors commit $30 million in eight Indian startups at Beijing")
Eight Indian startups managed to secure funding commitments to the tune of $30 million at the 2nd Startup India Investment Seminar held at Beijing.
The event was planned to expose Chinese venture capitalists and investors to the promising Indian startups and also help Indian startups to reach out to the large Chinese investors for receiving investment for their companies.
"Forty-two Indian entrepreneurs representing 20 Indian startups participated in the event and pitched before Chinese investors to make investments in their ventures. More than 350 Chinese Venture Capital (VC) funds, angel investors participated in a day-long pitching session and seminar," the Commerce Ministry said in a statement.
The 1st Startup Indian Investment event was organised in November 2017. In the first seminar, 12 Indian startups participated of which 4 secured funding from Chinese VCs of $15 million.
Zheng Bin, CEO of ICBC India, shared ICBC's experience in India, gave an overview of the Indian startup ecosystem and explained the process of investment. He also informed that ICBC India has established a $200 million fund for investing in promising Indian MSMEs and ventures.
A panel discussion was also organised to discuss effective strategy for Chinese VCs to enter the Indian startup market and share their experiences about the Indian startup ecosystem.
The event was organised by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool on 12 November for fostering innovation and entrepreneurship among Indian youth.