The ICBC, a top state-run Chinese bank which is the country’s largest lender by market value has established a $ 200 million fund for investing in the promising Indian micro, small and medium enterprises (MSMEs) and ventures.
The Indian arm of the largest Chinese bank, the Industrial and Commercial Bank of China, has set up $ 200 million fund for investing in the promising Indian micro, small and medium enterprises and ventures, according to reports in the media.
On Monday, at the 2nd ‘Start-up India’ Investment Seminar organised by the Indian Embassy, the bank made its intentions clear with its CEO Zheng Bin giving an overview of Indian start-up ecosystem and sharing his notes on how to invest in them. “The ICBC India has established a $ 200 million fund for investing in the promising Indian micro, small and medium enterprises (MSMEs) and ventures,” Zheng Bin said. The Indian Embassy shared this development in a statement on Tuesday.
The ICBC, a top state-run Chinese bank which is the country’s largest lender by market value, has a branch in Mumbai which was opened in 2011.
The seminar was well attended by the Chinese with more than 350 attendees, mostly representing Chinese Venture Capital (VC) funds and angel investors participated.
The seminar aimed at exposing the Chinese VCs and investors to the promising Indian start-ups. It also aimed to help Indian start-ups reach out to the large Chinese investors community for investment.
Acqino Vimal, Deputy Chief of Mission in his address exhorted Chinese investors to participate in the India growth story by investing in Indian start-ups. He spoke of India’s young demography, rapid economic growth and fast paced urbanisation and how its challenges work as a hotbed for growth of Indian entrepreneurs and start-up ecosystem, as well as provide them opportunity for offering unique, innovative, and affordable solutions for these challenges.
A report titled “India — China: Start-ups & Beyond” by KPMG was released on the occasion. The report provides a detailed account of Indian start-up ecosystem and why it is the right place for making venture investments.
Source: Hindu Business Line