Where the Chinese and Indians find a common ground – Startups!
It is no doubt that China and India have some of the fastest emerging economies in the world. Both countries have witnessed tremendous growth in the past years and it does not look like they are going to stop anytime soon.
In such a scenario, it seems that China has become increasingly interested in investing in Indian startups!
Cyber Carrier, a $30-million fund started by China-headquartered intelligent mobile advertising platform Yeahmobi, is set to make 10 more investments in India, after already investing in 10 companies since it was started late last year.
Adding to that, around 35 Indian startups from various sectors made pitches to a roomful of Chinese investors in the second leg of the Technology Issue Summit organized by Onionfans, Cyber Carrier, Technology Issue magazine and Xpressn labs. The first leg of the same summit was held in May earlier this year. Several startups were in the race for seed funding from Chinese investors.
The two-day, Technology Issue Summit – 2016 saw participation from over 150 seed funded startups who were pitching for ‘Series A’ funding. A delegation of 17 Chinese investors was out looking out for the best. The top companies got an opportunity to present their ideas in front of the panel, basis of which the Chinese delegation is expected to come up with a decision.
Success stories of these Chinese funded startups are already emerging! Krazybee, is one of them. Founded by a Chinese and an Indian entrepreneur, the startup offers loans to students. They received a funding of $2 million from some of the Chinese investors in the first leg of the summit. Two more startups of the same summit are on the verge of closing their first fund-raising rounds as well.
“People are starting to get excited about what is happening in India, especially the Chinese, who believe India is a big market,” said Jessica Wong, partner at Cyber Carrier.
A budget of $50 million has been collectively allocated by the Chinese investors for investment once they finalize on the startups they want to fund.
India is surely gaining momentum on the startup sphere and things are only looking up for entrepreneurs here!