Indian startups end dependence on Chinese money
Immediately after the ban, many startups had to reconfigure funding plans and look at different options overnight, but founders acknowledge that the transition has been far smoother than expected. January 06, 2021 / 04:23 PM IST
Until May 2020, the Indian food-delivery startup Zomato’s fortunes seemed firmly tied to the purse strings of China’s Alibaba Group Holding its largest investor owning nearly a third of the company via investment arm Ant Financial. Alibaba also had the required heft to lead the unicorn’s future funding rounds. No other single large influential investor was seen on the horizon.