Chinese venture capital (VC) funds are likely to invest around $30 million in eight Indian start-ups, the Ministry of Commerce and Industry said after the 2nd Startup India Investment Seminar held in Beijing on Tuesday.
"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," it said.
The Ministry said the seminar was organised by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool to foster innovation and entrepreneurship among the Indian youth. The first seminar was held in November 2017.
"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.
42 Indian entrepreneurs representing 20 Indian start-ups participated in the event and pitched before Chinese investors. More than 350 Chinese VC funds and angel investors participated in the day-long seminar, it said.
Industrial and Commercial Bank of China (ICBC) CEO Zheng Bin shared ICBC's experience in India and gave an overview of the Indian start-up ecosystem and explained the process of investment.
ICBC India has established a $200 million fund for investing in promising Indian MSMEs and ventures, he said.