A day after the government banned 59 Chinese applications for access to information, they are engaged in activities that are prejudiced against India’s sovereignty and integrity, the Confederation of All Indian Traders (CAIT) has asked authorities to investigate from Chinese enterprises to Indian start-ups.
The association said the review should be done to ensure that the data collected from the outset is not transferred to Chinese investors and that no erroneous game is being developed under the investment guarantee.
In a letter to Finance Minister Nirmala Sitharaman on Tuesday, CAIT noted that a small portion of new enterprises including Swiggy, Zomato, Oyo, Ola and Byjus have been backed by Chinese investors.
Chinese companies that have set up their own manufacturing plants in India should also be investigated if the data they have collected is not either misused or sent to China, CAIT said in the letter.
According to a recent report by GlobalData data and analytics firm, Chinese investment in Indian start-ups increased 12-fold over the past four years to reach $ 4.6 billion in 2019. Investment stood at about $ 381 million in 2016.
Most Indian VC (venture capital) funders are wealthy individuals / family offices and cannot make the $ 100 million commitments needed to fund beginners through their early losses. This leaves Western and Chinese investors as key players in the initial Indian space, analysts said.
A blockade of Chinese investment will bring a further blow to the start of enterprises at a time when they are already trying to raise funds amid the pandemic. According to a report by Nasscom, almost 92% of start-ups are facing declining revenues while nearly 70% have a runway of less than three months.
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