According to new research released in London, on Thursday, Bengaluru has emerged as the world’s fastest-growing mature tech ecosystem in the world since 2016, followed by the European cities of London, Munich, Berlin and Paris, with India’s financial centre of Mumbai in sixth place.
Dealroom.co data analysed by London & Partners – the Mayor of London’s international trade and investment agency – reveals that investment in Bengaluru grew 5.4 times from $1.3 billion in 2016 to $7.2 billion in 2020, with the Mumbai growing 1.7 times from $0.7 billion to $1.2 billion in the same period.
The UK capital of London registered an impressive three times growth between 2016 and 2020, rising from $3.5 billion to $10.5 billion.
“London has a strong trade and investment relationship with cities across India and today’s figures show the opportunities for future partnerships between the UK and India on technology. Despite the pandemic, tech companies in London and India are continuing to lead the way in creating game-changing technologies – especially in high growth sectors such as EdTech and Fintech,” said Hemin Bharucha, Chief Representative of India at London & Partners.
Bengaluru is also ranked sixth for the world’s tech venture capitalist (VC) investments, on a global list topped by Beijing and San Francisco, New York, Shanghai and London making up the top five. Mumbai comes in at No. 21 in the worldwide ranking, with Boston and Singapore among the other high-ranking cities.
Skillmine, a Bengaluru-headquartered tech company offering new generation IT consulting and managed services which expanded to London last year, highlighted access to “like-minded tech entrepreneurs alongside a deep tech talent pool” as the highlight of what has been referred to as India’s Silicon Valley in the past.
