Before change in FDI rules, Chinese invested millions in Indian tech firms

Between January and April 2020, Chinese companies and US hedge funds raised their stakes in Byju's, Paytm and many other billion-dollar Indian technology companies

The Narendra Modi-led central government has announced some foreign direct investment (FDI) restrictions apparently targeted at China, but it may have shut the stable door long after the horses bolted, shows an examination of recent investments in top Indian technology companies.

Business Standard examined investments made in companies like Byju’s, Paytm, Zomato, Ola, Swiggy and Oyo — some of the so-called unicorns, or start-ups with valuation of over $1 billion — and found that the Chinese put big money for significant stakes in them between January and April 2020. This was a time when Indian and global firms were battling