Bengaluru world’s fastest-growing tech hub, London second: Report

Jan 14 2021 01:08 PM
Bengaluru world’s fastest-growing tech hub, London second: Report

The Silicon Valley, Bangalore,  is leaving its marks globally. According to new research, Bengaluru has emerged as the world's fastest-growing mature tech ecosystem since 2016, with the financial capital Mumbai placing sixth in the list.

The Mayor of London’s international trade and investment agency reveals that 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, according to new research released in London on Thursday. The agency found out that investment in Bengaluru grew 5.4 times from USD1.3 billion in 2016 to USD7.2 billion in 2020, with the Maharashtra capital of Mumbai growing 1.7 times from USD0.7 billion to USD1.2 billion in the same period.

The UK capital of London registered a remarkable three times growth between 2016 and 2020, rising from USD3.5 billion to USD10.5 billion. 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.

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