India’s own Silicon Valley Bengaluru has emerged as the world’s fastest growing tech hub destination since the 2016. Following in the list are European cities such as London, Munich, Berlin and Paris. India’s financial capital Mumbai holds the sixth spot in the list released in London.
London & Partners, the Mayor of London’s International trade and investment agency analyzed the data of dealroom.co and released the statistics. As per the data, the city of Bengaluru grew nearly 5.4 times in the four years duration starting from 2016. The investment in the city has increased from $0.7 billion to $7.2 billion in 2020. However, another Indian city Mumbai succeeded to make its presence in the top ten lists with the increased growth of 1.7 times during the same period. The investment in Mumbai has increased from $0.7 billion to $1.2 billion in 2020. While London being second in the list registered 3 times growth for the same duration and increased its investment by $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 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 also added, “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”.