Bengaluru world’s fastest-growing tech hub, London 2nd, Mumbai at sixth place: Report


India’s monetary centre Mumbai has ranked sixth, as per the brand new analysis launched in London on 14 January.

Additionally Learn | Digital checking account sparks off a disruption knowledge analysed by London & Companions – the Mayor of London’s worldwide commerce and funding company – reveals that funding within the Karnataka capital of Bengaluru grew 5.4 occasions from $1.3 billion in 2016 to $7.2 billion in 2020, with the Maharashtra capital of Mumbai rising 1.7 occasions from $0.7 billion to $1.2 billion in the identical interval, reported information company PTI.

In the meantime, London registered a powerful thrice progress between 2016 and 2020, rising from $3.5 billion to $10.5 billion.

“It’s improbable to see that Bengaluru and London ranked as the highest two fastest-growing world tech hubs for VC funding. Our two nice cities share mutual strengths in entrepreneurship and innovation – creating a lot of alternatives for tech traders and corporations to do enterprise throughout each areas,” stated Hemin Bharucha, Chief Consultant of India at London & Companions.

“London has a robust commerce and funding relationship with cities throughout India and at this time’s figures present the alternatives for future partnerships between the UK and India on expertise. Regardless of the pandemic, tech firms in London and India are persevering with to paved the way in creating game-changing applied sciences – particularly in excessive progress sectors equivalent to EdTech and Fintech,” he stated.

“The UK authorities’s current Brexit cope with the European Union brings certainty for Indian firms and traders trying to London and we sit up for welcoming extra Indian companies to the UK capital within the years forward,” he added.

Bengaluru can be ranked sixth for the world’s tech enterprise capitalist (VC) investments, on a worldwide checklist topped by Beijing and San Francisco, New York, Shanghai and London making up the highest 5. Mumbai is available in at No. 21 within the worldwide rating, with Boston and Singapore among the many different high-ranking cities.

Skillmine, a Bengaluru-headquartered tech firm providing new era IT consulting and managed companies which expanded to London final 12 months, highlighted entry to “like-minded tech entrepreneurs alongside a deep tech expertise pool” because the spotlight of what has been known as India’s Silicon Valley previously.

“It has been thrilling to be a part of Bengaluru’s emergence as a world-class tech hub. From right here we expanded our enterprise operations into London in Could final 12 months, in addition to into the Center East and America markets. London is a worldwide tech hub with entry to a thriving tech expertise pool alongside progress capital and a large buyer base. We’re excited to develop our enterprise within the metropolis,” stated Anant Agarwal, Managing Director, Skillmine.

Behind Bengaluru and London, the opposite fast-growing tech hubs embody the 2 German cities of Munich and Berlin and the French capital of Paris, all three greater than doubling their investments within the 2016-2020 interval. The UK capital, nevertheless, cemented its standing as Europe’s main tech hub – with London firms receiving over thrice the quantity of funding than some other European tech metropolis.

“London is the worldwide tech capital of Europe. Regardless of the challenges led to by Brexit and the coronavirus pandemic, London’s tech sector continued to thrive in 2020 and has an essential function to play within the metropolis’s financial restoration. London is already residence to a number of the world’s finest expertise firms and can stay open to worldwide funding and tech expertise from all around the world,” stated London Mayor Sadiq Khan.

Regardless of the Covid-19 pandemic and Britain’s exit from the EU, London tech companies raised $10.5 billion in 2020 – considerably greater than the whole quantity raised in 2017 ($7 billion) and 2018 ($5.9 billion) and near the file in 2019 ($10.7 billion).

“It is sensible to see how resilient London’s tech sector has been, regardless of all of the challenges of 2020. Worldwide traders have proven actual confidence in London, with new enterprise capital funds establishing right here to spend money on high-growth firms in sectors like fintech, cybersecurity and well being tech. It is because London continues to be the gateway to the European market and a improbable place to arrange and scale a tech firm,” stated Laura Citron, CEO of London & Companions.

The brand new analysis from and L&P additionally reveals that mega funding rounds for London-based tech firms elevated VC funding ranges for UK tech in 2020, with British tech companies elevating a file $15 billion in 2020.

Further findings present that London is now residence to 1,252 VC companies – greater than some other European metropolis.

Following the outbreak of the worldwide pandemic and a rise in distant working in 2020, enterprise software program applied sciences emerged as a high sector for VC traders.

London noticed an 82% improve in enterprise software program investments final 12 months, with the UK capital’s companies elevating a complete of $1.9 billion.

In the meantime, one other report on world visitors congestion rating, has three Indian cities within the high 10. Mumbai ranked second on this planet, Bengaluru sixth, Delhi eighth and Pune at quantity 16 amongst 416 cities throughout 56 international locations on visitors congestion degree parameters.

Subscribe to Mint Newsletters

* Enter a legitimate e mail

* Thanks for subscribing to our publication.


Supply hyperlink