India and China have been engaged in border row after the escalation of forces, troops in the Galwan Valley, in Eastern Ladakh over the past two months. The tension escalated at the Line of Actual Control (LAC) after 20 Indian soldiers were martyred on June 15 in clash with Chinese PLA while de-escalation talks were underway. Ever since the deadly clash at the border in the Galwan valley, India intensified its troop movement while both the countries held army commander level meetings to ease tension.
Though efforts to defuse tension continue via military-level talks and through diplomatic challenges, the clash at the border in eastern Ladakh prompted an anti-China sentiment in India with calls such as boycotting Chinese products and limiting their firm investments in Indian companies echoed.
As anti-China sentiment began to gain momentum, the government also took steps to punish China economically by banning 59 Chinese apps including TikTok and terminating contracts awarded to Chinese firms.
But the presence of Chinese firms in India is not just limited to tenders or acquiring government contracts, as a number of Indian start-ups including Snapdeal, Paytm, Flipkart, Zomato, Swiggy, Ola others have huge investments by them, therefore, a hit-back strategy to target Chinese companies may also hurt desi brands.
Among some top Indian start-ups that have funding from Chinese companies include: Snapdeal with over $700 million, Ola and Swiggy with over $500 million, Paytm and Flipkart have more than $400 mn and $300 mn. The list doesn't end here as Bigbasket has more than $250 million, Zomato with over $200 million, Dream11, Hike and Paytm Mall with more than $150 million, Oyo and Udaan are having over $100 million, Byju's has more than $50 million, Delhivery and Rivigo also have more than $25 million.
Other Indian Companies such as Make My Trip, Policy Bazaar and Quikr also have investments by Chinese firms, however, no data is available as to how much funding have these companies have received from Chinese firms.
Among Chinese companies, the Alibaba Group, Tencent Holdings, Steadview Capital and Foxconn have investments in most of these start-ups.