Chinese venture capital investors are shifting their focus to Indonesia after India closed its doors to them, helping to create a 55 per cent surge in tech investment in south-east Asia’s biggest economy in the first half of 2020.
Shunwei Capital, launched by the founders of mobile phone maker Xiaomi, and BAce Capital, which is backed by the fintech giant Ant Group, both said they were pivoting from India to Indonesia.
Tuck Lye Koh, co-founder of Shunwei, which runs funds worth about $3bn, said it is planning to seal more deals in Indonesia, and that it is “not making new investments in India for now” and would focus instead on managing its existing portfolio companies.
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