New Delhi (IANS) Chinese brands and cuisine are facing a backlash in India from lawmakers following the incidents in Ladakh but the fact remains that many leading unicorns are funded with Chinese funds.
Nationalistic fervor and intense anger is pouring out in Indian cities against Chinese owned brands with the standout performance being Pappu Yadav climbing on to a JCB machine to deface a mobile phone brand. Jan Adhikar Party Chief Pappu Yadav climbed a JCB machine in Patna to blacken banner of a Chinese mobile phone manufacturer.
Union Minister Ramdas Athawale has called for banning restaurants which serve Chinese food. "Restaurants selling Chinese food should be banned. I appeal to people to boycott Chinese food", the Union Minister said today.
A number of Indian unicorns have lead Chinese investors. BigBasket has raised $1.1 billion from Alibaba group, T R Capital. BYJU's has raised $1.4 billion from Tencent Holdings, Delhivery has raised $100 million from Steadview Capital and Tencent Holdings, Hike has raised $261 million from Ctrip, Flipkart has raised $7.7 billion from Steadview Capital and Tencent Holdings.
MakeMyTrip, a listed company has investments from Tencent Holdings and Foxconn, Ola has $3.8 billion in investments from Tencent Holdings, Steadview Capital, Eternal Yield International, Oyo has $3.2 billion capital from Didi Chuxing, China Lodging Group, PolicyBazaar has $496 million fom Steadview Capital, Quikr with $424 million from Steadview Capital, Snapdeal has $1.8 billion from Alibaba Group and FIH Mobile, Paytm has $2.22 billion from Alibaba group and SAIF Partners, Swiggy has $1.6 billion from Meituan Dianping, Hillhouse Capital, Tencent Holdings, SAIF partners and Zomato has $914 million from Alibaba Group, Shunwei Capital.