Chinese companies invest $2bn in Indian startups: Report
Chinese companies invested nearly $2 billion in Indian startups in 2017, a sharp increase from previous years and indicating their inclination to shift to India for its expanding market, cheaper labour and less domestic vulnerability, a new report says.
“In terms of investments in Indian startups, Chinese firms have predominantly focused on e-commerce, followed by transportation and fintech (financial technology), with majority of the biggest deals in the late-stage e-commerce sector. Some of the major investors in the Indian startup ecosystem include Alibaba, Ctrip and Tencent,” said a KPMG report unveiled during the 2nd Startup India Investment Seminar held in Beijing on Monday.
In the 1st Startup India Investment Seminar held in Beijing last year, 12 Indian startups participated out of which four secured funding from Chinese venture capitalists to the tune of US$15 million, the Indian embassy, which organised the event, said.
Among the key Chinese companies to have invested in Indian startups are Beijing Miteno Communication Technology (Media.net), Alibaba (Pay.tm), Alibaba with Foxconn Technology and Softbank (Snapdeal), Ctrip (MakeMyTrip), Tencent (Hike and Practo) and ByteDance (Dailyhunt).