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China’s ICBC Bank Sets Up $200 MN To Invest In Start-Ups and MSME

Credits | Reuters

New Delhi, 15 Nov: The Indian subsidiary of Chinese multinational banking company, Industrial and Commercial Bank of China (ICBC), has set aside $200 USD for investing in the promising Indian micro, small and medium enterprises, and ventures.

Furthering Government of India’s agenda of fostering innovation and entrepreneurship among Indian youth, Embassy of India in China, in partnership with Startup India Association (SIA) and Venture Gurukool organized 2nd Startup India Investment Seminar on 12 November 2018 in Beijing.

The event was planned to expose Chinese venture capitalists (VC) and angel investors to the promising Indian startups. Chinese venture capital funds may also invest up to $30 million in seven to eight Indian startups, the statement on the website of the Indian embassy stated.

Industrial and Commercial Bank of China (ICBC) will invest in local start-ups and other small businesses.

42 Indian entrepreneurs representing 20 Indian startups made a pitch before Chinese investors to make investments in their ventures. More than 350 audiences, mostly representing Chinese Venture Capital (VC) funds, angel investors participated in a day-long pitching session and seminar.

Mr. Zheng Bin, CEO of ICBC India shared ICBC’s experience in India and gave an overview of the Indian startup ecosystem.

The event was planned for Indian startups to reach out to the huge Chinese investors’ community for receiving investment for the growth of their companies.

Commercial ties between India and China are expanding rapidly. Recently, Prime Minister Narendra Modi announced faster loan approvals and discounts on new loans for GST-registered businesses. Such businesses are the second-biggest providers of jobs in India after farming.

 

About Aakanksha Khajuria

The author can be contacted at aakankshakhajuria@gmail.com

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