New Delhi: Eight Indian startups managed to secure funding commitments to the tune of USD 30 million at the 2nd Startup India Investment Seminar held at Beijing, as per a report by news Agency PTI.
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.
"Around 20 Indian startups pitched for attracting Chinese investment from 350 representatives of leading Chinese Venture Capitalists who attended the event," Embassy of India in China tweeted.
#StartupIndia in China
The 2nd Startup India Investment Seminar was organised by the Embassy in Beijing today. Around 20 Indian startups pitched for attracting Chinese investment from 350 representatives of leading Chinese Venture Capitalists who attended the event. pic.twitter.com/CBARQ0BhyX
— India in China (@EOIBeijing) November 12, 2018
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. 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.
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 USD200 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.
In the 1st Startup India Investment seminar, 12 Indian startups participated of which 4 secured funding from Chinese VCs of USD15 million. In the current round 8 startups out of 20 participants are set to get commitment of around USD 30 million.