Investment in the south Indian city grew 5.4 times from $1.3 billion in 2016 to $7.2 billion in 2020
The technology capital of India, Bengaluru, has been named the world’s fastest-growing mature tech ecosystem since 2016 as per a new report released on Thursday. London, Munich, Berlin, and Paris follow. India’s financial center Mumbai was ranked sixth.
A report by London & Partners analyzed Dealroom.co data and compiled the results of which city has grown in technology investments. London & Partners is the London Mayor’s international trade and investment agency.
In overall investment, Bengaluru is also ranked sixth for the world’s tech venture capitalist investments with Beijing, San Francisco, New York, Shanghai, and London as the top five.
The data revealed that the investment in Bengaluru grew 5.4 times from $1.3 billion in 2016 to $7.2 billion in 2020. Over the same period, investment grew 1.7 times in Mumbai from $0.7 billion to $1.2 billion, and London witnessed a three-fold growth from $3.5 billion to $10.5 billion.
Hemin Bharucha, Chief Representative of India at London & Partners, said: “It’s fantastic to see that Bengaluru and London ranked as the top two fastest-growing global tech hubs for venture capital investment. Our two great cities share mutual strengths in entrepreneurship and innovation – creating lots of opportunities for tech investors and companies to do business across both regions.”
Bharucha also said he looked forward to Indian business in London in the years ahead after the UK government’s recent Brexit deal with the European Union. According to media reports, Bengaluru-based tech company Skillmine’s expansion 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.
While Bengaluru progresses and grows rapidly as a tech hub, it also faces consequences of pollution and traffic. As per the TomTom Traffic Index on global traffic congestion, Bengaluru ranked sixth among 416 cities across 56 countries in 2020 on traffic congestion level parameters.