Ecomms Facing Funds Drought May Get Manna from China Cheetah Mobile, Baidu, Tencent hold talks with mid-stage cos in India
Bengaluru: About half a dozen Chinese investors, including Tencent and Cheetah Mobile, were camped in India last month promising respite to a drought-hit funding ecosystem, but for domestic internet companies it’s probably too early to celebrate. Chinese conglomerate Fosun Group; Shunwei Capital Partners, the venture capital firm led by smartphone maker Xiaomi’s founder Lei Jun; mobile internet company Cheetah Mobile; internet giant Baidu; and investment firm Tencent recently held discussions with more than a dozen founders of mid-stage companies in India and several venture capital firms, according to multiple people aware of the meetings.
But in contrast to the earlier blind aggression of predominantly American hedge funds in backing Indian startups, the Chinese investors are undertaking closer scrutiny, asking difficult questions on business strategy, scalability and growth trajectories, the sources said. The Chinese firms are dragging potential funding into companies until they can see the kind of sales growth that can fuel their ambitious expectations, the sources said.
Chinese investors scrutinising companies, asking difficult questions on business strategy, scalability and growth
trench in the dried up river. Munde said, “In On Monday, Kingfisher told the court Latur, that seniorI saw some executiveswaof the now-defunctter which gave airline me —a Ravi Nedungadi feeling of and contentA Raghunathan ment.”—— were fully cooperating with the investigative agencies and therefore Mallya couldn’t be accused of being evasive or non-cooperative in the IDBI case. In its petition challenging ED’s request seeking the arrest warrant, the company said it had neither used any money borrowed from IDBI for purposes other than legitimate business requirements, nor Mallya diverted any for his personal benefit or gain.
Hiten Vengaonkar, the lawyer representing ED, said the agency has material evidence on the basis of which it is demanding the warrant.
Judge PR Bhavke of the special Prevention of Money Laundering Act Court the rejected the company’s petition.
Terming this a big breakthrough in the investigation, a senior ED official said as of now, the probe required only Mallya’s arrest warrant and further investigation would help the agency to see the clear picture and decide upon further action.
A lawyer said it was a mistake from Mallya’s team to resist the warrant or not to appear before ED in person.