New Delhi, Nov 13 (UNI) Embassy of India in China in partnership with Startup India Association (SIA) and Venture Gurukool organised second Startup India Investment Seminar on November 12 in Beijing for fostering innovation and entrepreneurship among Indian youth.
The first Startup Indian Investment event was organised in November last year.
The event was planned to expose Chinese VCs 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, according to a statement issued here on Tuesday.
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.
In the first Startup India Investment seminar, 12 Indian startups participated of which four secured funding from Chinese VCs of USD15 million. In the current round, eight startups out of 20 participants are set to get commitment of around USD 30 million.
Mr Zheng Bin, CEO of Industrial and Commercial Bank of China Limited (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 USD 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.