Apart from Ant Financial, Chinas internet giants Alibaba Group Holding Limited and Tencent Holdings Limited have already invested in Indian tech companies, China Daily reports, cited by indiatimes.com. Smaller players and start-ups in China are rushing to India as they see the country as the next frontier in internet-based businesses and a promising market for them to replicate Chinese tech giants success stories.
While the Chinese investors look to India to cash-in on the fast growing ecommerce market, there are also anxieties among Chinese investors over growing calls for boycott of Chinese goods in India following Chinas blocking of Indias move to ban JeM chief Masood Azhar at the UN and blocking Indias bid to become the member of the Nuclear Suppliers Group (NSG). Chinese officials said Chinas investment in India currently touched about USD 3 billion.
In H1 2016, Chinese internet giants and venture capital firms invested more than CNY 42.1 billion (USD 6.26 billion) in 60 tech-related projects overseas, including 10 in India and 33 in the US. India will be the next big internet market after China, said Eric Shu, a senior partner with the Hangzhou-based venture capital firm InCapital, the source cites.
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