Chinese Bank Sets Up $200 Million Fund For Investing In Indian MSMEs
The Indian subsidiary of China's largest bank has set up a $200 million fund for investing in the promising Indian micro, small and medium enterprises and ventures, its official in Beijing said.
Zheng Bin, chief executive officer of the Industrial and Commercial Bank of China India gave an overview of Indian startup ecosystem and how to invest in them at the second 'Startup India' Investment Seminar organised by the Indian Embassy in Beijing.
"He also informed that the ICBC India has established a $200 million fund for investing in the promising Indian MSMEs and ventures," the Indian Embassy said in a statement on Tuesday.
The ICBC, a top state-run Chinese bank which is the country's largest lender by market value, opened its branch in Mumbai in 2011.
More than 350 Chinese mostly representing Chinese venture capital funds, and angel investors participated in a day long pitching session and seminar organised by the Indian Embassy in partnership with the Startup India Association and Venture Gurukool.
Forty-two Indian entrepreneurs representing 20 Indian startups took part in the event which was expected to fetch good investments for the Indian firms, Prashant Lokhande, Counsellor Economic and Commerce of the Indian Embassy who addressed the event said.
Four out of 12 Indian firms which participated in the first startup India investment seminar held last year got funding from Chinese VCs to the tune of $15 million, the press release said.
In the current round, seven-eight startups out of 20 participants may get commitment worth $30 million, it said. The event was planned to expose the Chinese VCs and investors to the promising Indian start-ups on one hand and help Indian startups to reach out to the huge Chinese investors community for receiving investment for growth of their companies, it said.
Addressing the event, Acqino Vimal, deputy chief of mission said that the Chinese investors should take part in the development process of India growth story through investing in Indian startups.
He said India's young demography, rapid economic growth and fast pace urbanisation and its challenges work as hotbed for growth of Indian entrepreneurs and startup ecosystem, as well as provide them opportunity for offering unique, innovative, and affordable solutions for these challenges.