Bengaluru has become the fastest growing technology hub in the world since 2016, according to a research released in London on Thursday (January 14). The Indian city is followed by the European centres of London, Munich, Berlin, and Paris, while Mumbai is placed sixth on this list.
According to the Dealroom.co data analysed by London & Partners, Bengaluru showed an increase in investment of 5.4 times in four years. The investment in India's Silicon Valley grew from USD 0.7 billion in 2016 to USD 7.2 billion in 2020.
As for London, which is placed second to Bengaluru, the investments grew from USD 3.5 billion to USD 10.5 billion between 2016 and 2020, showing a three-fold growth. Another Indian city to feature on the list, Mumbai witnessed a 1.7 times growth in investments from USD 0.7 billion to USD 1.2 billion in the same period, according to a report by the news agency PTI.
Bengaluru also ranked sixth in the overall tech venture capitalist investment list. Beijing was ranked the best in this list, followed by San Francisco and New York.
The London & Partners is a promotional company and the international trade and investment agency of the Mayor of London.
Times Now quoted the Chief Representative of India at London & Partners, Hemin Bharucha, as saying that both Bengaluru and London shared mutual strength when it came to innovation and entrepreneurship.
“It's fantastic to see that Bengaluru and London ranked as the top two fastest-growing global tech hubs for VC 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,” he said.
Bharucha asserted that tech companies in both London and India were leading the way and creating new technologies in growing sectors like EdTech.
"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," he said.
