Chinese Investors to Fund 10 Indian Tech Startups
As many as 15 Chinese investors representing nine firms have shortlisted 10 Indian startups, operating in mobile technologies, e-commerce and medical technology, for up to $5 million (roughly Rs. 33.2 crores) seed and Series A funding, it was announced on Tuesday.
However, the shortlisted Indian startups selected at the ‘Date with Chinese Investors’ were not disclosed to avoid poaching from rival investors, while another five to seven startups are being reviewed for funding.
“We have chosen Bengaluru over other cities to start because of the great infrastructure and tremendous support given by state government. Manyaare thrilled to see the potential among Indian startups,” said investor and OnionFan CEO Hutu.
Pickup Wheat (Shimai) Finance, Harmony Invest, Grand (Daguan) Capital, Incapital, Zhejiang WenChuang Group, YeahMobi, Hangzhou Zhexin Information Technology and Cyber Carrier are among the firms which participated in the event scheduled from May 1-3.
The Chinese investors visited the Karnataka government’s Mobile 10X Hub in Diamond District to evaluate the entrepreneurial pitches of more than 150 startups which arrived from Chennai, Hyderabad and Mumbai.
“The event was aimed to show the landscape of Chinese and Indian venture and investment, and to facilitate the innovation and communication between the two countries,” said an official statement.
Funding interest from China is aimed at expanding the business range and global impact of Chinese investments organisations while on the other hand Indian startups stand to benefit from better and easier funding.
The event was organised by tech media and investment company OnionFan in association with Mobile 10X.