New Delhi, Nov 14 (KNN) Industrial and Commercial Bank of China (ICBC) India has established a USD200 million fund for investing in promising Indian MSMEs and ventures, said Industrial and Commercial Bank of China (ICBC) CEO Zheng Bin.
He made the above statement at the second round of Startup India Investment Seminar organized by embassy of India in China in partnership with Startup India Association (SIA) and Venture Gurukool on 12 November 2018 in Beijing for fostering innovation and entrepreneurship among Indian youth.
The 1st Startup Indian Investment event was organized in November 2017.
Bin shared ICBC’s experience in India and gave an overview of the Indian start-up ecosystem and explained the process of investment.
The Ministry of Commerce and Industry in a release said “In the 1st Startup India Investment seminar, 12 Indian start-ups participated, of which 4 secured a funding of $15 million from Chinese VCs. In the current round, 8 start-ups out of 20 participants are set to get commitment of around $30 million.”
The event was planned to expose Chinese VCs and investors to the promising Indian start-ups and also help Indian start-ups to reach out to the large Chinese investors for receiving investment for their companies,” the Ministry said in a statement.
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, it added.
A panel discussion was also organized to discuss effective strategy for Chinese VCs to enter the Indian startup market and share their experiences about the Indian startup ecosystem, said Ministry.