- Thursday, April 18, 2024
By: Shubham Ghosh
INDIA’S information technology capital Bangalore went up three places to be ranked 23rd in an annual analysis of the world’s most favourable ecosystems to build a globally successful start-up, according to a report which was released in London, the UK, on Wednesday (22).
Delhi, the capital of India, held on to its 36th rank in the ‘Global Startup Ecosystem Report 2021’ by Startup Genome, while the country’s commercial capital Mumbai topped a parallel ‘Top Emerging Ecosystems’ ranking for the second successive year.
The San Francisco-based company’s report analyses cities around the world where early-stage startups have the best shot at building global success.
“Bangalore, Karnataka, at #23, improved enough in Funding, Connectedness, and Knowledge to return to the Top 25 after briefly slipping out,” the report said.
The southern Indian city’s ranking was also boosted by healthy access to growth capital, demonstrated by recent large funding rounds from food delivery platform Swiggy (£952 million), social media company ShareChat (£367 million) and edtech company Byju’s (£337 million).
Delhi was praised for “impressive growth” while Mumbai was appreciated for outperforming all other emerging global hubs.
“Mumbai is once again the #1 Emerging Ecosystem. It outperformed all others in Performance, Funding, Experience, and Talent & Experience,” the analysis said.
The research shows that Indian startups raised $12.1 billion (£8.8 billion) in the first half of this year, demonstrating the rapid growth of India as a global hub for tech and innovation.
As of August 2021, India has produced 24 unicorns in 2021, including six in just four days in April. The city of Bengaluru and the surrounding state of Karnataka is also the world’s fourth-largest technology and innovation cluster and home to more than 400+ global R&D centres.
Alongside Mumbai, a number of other Indian cities made it into the ‘Top 100 Emerging Ecosystems’ list, including Chennai, Pune and Hyderabad.
Released to coincide with London Tech Week, the largest tech event in Europe, the report ranks the leading 140 startup ecosystems based on seven success factors including Performance, Talent and Connectedness.
The report’s findings revealed that London is the most attractive destination to set up a tech startup outside of Silicon Valley, with an overall ecosystem value of $142.7 billion (£104.5 billion), and despite Brexit and the coronavirus pandemic, the city has maintained its second-place ranking tied with New York for the second year in a row.
“India and London have shared strengths in technology, innovation and entrepreneurship and today’s report findings demonstrate the abundance of opportunities for Indian tech companies looking to London for international expansion,” Janet Coyle, managing director, Business Growth, London & Partners, was quoted as saying by Press Trust of India.
“London is a fantastic place to grow and scale a global tech business. We celebrate the diverse, international nature of our tech ecosystem and it is great to see our thriving startup community being recognised in this report,” said London mayor Sadiq Khan.
