5 big Chinese investments into Indian startups in 2016
The close of 2015 seemed to leave the next year wide open for collaboration between larger Chinese companies and Indian startups – a handful of Indian startups got funding well into the hundred millions from giants like Alibaba and Tencent.
This year saw those amounts drop. Only one out of the top five companies hit three-digit funding. The other companies had funding in the millions, but it’s still a clear case of two depleted parts adding up to a depleted whole – Indian startups brought in a total US$3.38 billion last year, according to the Tech in Asia Database. That’s an unfathomable amount of money – it’s also only half of what India’s startups collected in 2015. Meanwhile, startup funding in China is also experiencing its own trickle problems.
It’s a pretty clear case of two depleted parts adding up to a depleted whole.
In the meantime, it’s been a mixed bag for those startups that grabbed those huge amounts in 2015. Paytm reaped the benefits when demonetization hit India. Rendering part of the country’s cash useless and a subsequent cash shortage breathed life into fintech startups, which stepped into the limelight in the previously cash-first economy. Snapdeal and Ola, however, both experienced writedowns.
In the midst of all that, where in India did Chinese firms and accelerators decide to stick their funds? Here are the five biggest disclosed Chinese investments in India’s startups last year, according to the Tech in Asia Database.
See: 4 huge Chinese investments in India’s tech startups in 2015
1. Hike
CEO Kavin Mittal. Photo credit: Hike.
India’s homegrown messaging app Hike landed the only investment that hit the hundred millions on this list – US$175 million in series D funding from Tencent and Foxconn, with participation from previous investors Tiger Global, SoftBank, and Bharti Enterprises.
The deal, announced in August, pushed Hike to unicorn status.
Founder and CEO Kavin Mittal is the son of billionaire and Bharti Enterprises chairman Sunil Mittal, who also owns telco Bharti Airtel.
Tencent’s previous investments in India include healthcare Practo, which helps people locate doctors and other health services, as well as order medication.
See: Hike’s Kavin Mittal talks about $175m boost in its battle with WhatsApp
2. Dailyhunt
In October, Dailyhunt (previously named Newshunt) received US$25 million in a series D round led by Beijing-based internet technology company Bytedance. Former Vodafone CEO Arun Sarin and existing investors Matrix Partners, Sequoia Capital India, investment network Omidyar, and Falcon Edge Capital.
Dailyhunt publishes news and other content in 12 regional languages, reaching out to the diversity of languages spoken in India.
ByteDance previously invested in news apps Toutiao and TopBuzz.
See: How Dailyhunt became one of the top news apps in the world
3. CarDekho
Photo credit: Pixabay.
Beijing-based investment management firm Hillhouse Capital joined in on a funding round for new and used car portal CarDekho. Google Capital led the round, which amounted to around US$15 million. The round took place in March.
Founded by brothers Amit Jain and Anurag Jain, CarDekho is owned by IT company GirnarSoft, which also owns PriceDekho. CarDekho has acquired companies including auto classifieds site Gaadi and car and bike marketplace Zigwheels.
See: Why is a classifieds site for cars in India valued at $300m?
4. IndiaLends
China-based VC firm Cyber Carrier closed out November by hopping on a US$4 million series A funding round into fintech startup IndiaLends.
The round was led by American Express’ investment arm, with participation from several of the startup’s previous investors, including Cyber Carrier, VC firm DSG Consumer Partners, and AdvantEdge Partners.
Founded by Gaurav Chopra and Mayank Kachhwaha, the company helps out consumers by connecting them with banks and financial companies so that they may more easily obtain loans. For financial institutions, it also attempts to widen the amount of data available for credit scoring.
See: American Express backs India’s fintech sector, invests in IndiaLends
5. KrazyBee
Photo credit: Betterment.
In June, KrazyBee, a microloan startup aimed at students, raised US$2 million in seed funding from two China-based investors: mobile ad network Yeahmobi and microloan and ecommerce company Fenqile.
The startup, founded in 2015 by Wan Hong and Madhusudan E, uses a merit-based system to judge credit in lieu of a traditional credit score. It also sells electronics, clothes, and accessories on monthly payment plans.
See: Alibaba-backed Paytm solves the problem of card payments in India
VC firm Cyber Carrier also invested an undisclosed amount in Zoomcar, while Saholic was acquired by Beijing Digital Telecom for an unknown amount.
Thanks to Queena Wadyanti for help with the data.
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