The Indian unit of China's largest bank, the Industrial and Commercial Bank of China, has created a $ 200 million fund for investment in Indian micro and small enterprises and the most promising companies, said his manager here. Zheng Bin, CEO of the Industrial and Commercial Bank of China (ICBC) in India, presented on Monday an overview of the ecosystem of Indian start-ups and how to invest in the second seminar on "Start-up India" organized by the Embassy of India, here.
"He also announced that ICBC India had set up a $ 200 million fund to invest in promising Indian micro and small enterprises (MSMEs) and their businesses," said the Embassy of India. India in a statement.
The Chinese bank ICBC, which is the country's leading lender in terms of market value, opened its branch in Mumbai in 2011.
More than 350 Chinese mostly representing Chinese venture capital (VC) funds, angel investors participated in a one-day pitching session and seminar organized by the Chinese Embassy. India in partnership with the Start-up India Association (SIA) and Venture Gurukool.
Prashant Lokhande, Economic and Commercial Counselor of the Indian Embassy, said that forty-two Indian entrepreneurs, representing twenty young Indian companies, took part in this event which should yield good investments to Indian companies . Four of the twelve Indian companies that took part in the first seminar on investments in India held here last year received funding from Chinese private equity firms rising to 15 million dollars, said the press release.
In the current round, 7 to 8 out of 20 start-ups could get a commitment of up to $ 30 million, he added. The event aimed to introduce venture capitalists and Chinese investors to promising Indian start-ups and to help Indian start-ups reach out to the large Chinese investment community to receive investment for to the growth of their businesses, he said.
Acqino Vimal, deputy head of mission, said that Chinese investors should participate in India's growth development process by investing in Indian start-ups.
He added that the young Indian demographics, rapid economic growth and rapid urbanization, as well as its challenges, are a hotbed for the growth of entrepreneurs and the ecosystem of Indian start-ups, while at the same time offering the opportunity to offer unique, innovative and affordable solutions to these challenges. During the seminar, a report titled "India – China: Start-ups and Beyond" by KPMG, detailing the ecosystem of Indian start-ups and why it's the right place to make investments venture capital, has been unveiled.