Mumbai, Chennai, Pune and Hyderabad among ‘Top 100 Emerging Ecosystems’
Indian startups have raised US$12.1 billion in the first half of this year, demonstrating the rapid growth of India as a global hub for tech and innovation, according to a comprehensive ranking of international startup hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021.
As of August 2021, India has produced 24 unicorns in 2021, including 6 in just 4 days in April.
The city of Bengaluru and the surrounding state of Karnataka is also the world’s 4th largest technology and innovation cluster and home to more than 400+ global R&D centres.
Alongside Mumbai, a number of other Indian hubs made it into the ‘Top 100 Emerging Ecosystems’ list, including Chennai, Pune and Hyderabad, said a release on 24 Sept 2021 on the findings in the report.
Mumbai maintained its first position in the Emerging Ecosystems ranking (ecosystems in earlier stages of growth that have high potential to be global performers in the future), outperforming other fast-growing ecosystems in areas of funding, performance, market research and talent.
Bangalore also ranked in the top 30 global tech hubs (#23 globally) and Delhi made it into the top 40 list, coming in at 36th.
Bangalore’s ranking was also boosted by healthy access to growth capital, demonstrated by recent large funding rounds from food delivery platform Swiggy (US$1.3 billion), social media company ShareChat (US$502 million) and edtech firm Byju (US$460 million).
“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,” said Janet Coyle, Managing Director Business Growth, London & Partners.
“For startups and high growth companies considering global expansion, London has access to high levels of funding, talent and customers all in one city. As one of the world’s leading hub for innovation, there is huge opportunity for London to collaborate with other fast-growing startup hubs like Bangalore and Mumbai,” Coyle said.
Overall, the 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 US$142.7 billion.
London has risen up the league table in the last few years, climbing from number eight in 2012 when the first rankings were released to number two in 2020. Silicon Valley held onto the top spot this year while Beijing and Boston came in fourth and fifth respectively.
Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking tied with New York for the second year in a row.
While the US and China have long been considered the global superpowers for startups and tech, the pandemic has accelerated the democratisation of startups, and Europe is quickly cementing its position on the global stage.
The report shows Europe accounts for 17% of the top 30 ecosystems this year, with London the only European city to make the top 10 list.
Asian ecosystems also continue to rise in the rankings, with Tokyo (from #15 to #9), Seoul (#20 to #16), Shenzhen (#22 to #19), Bengaluru (#26 to #23), and Hangzhou (#28 to #25) moving ahead.
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.
With more than 100 clients across six continents in 45+ countries to date, Startup Genome of San Francisco is the world-leading research and policy advisory organization for public and private agencies committed to accelerating the success of their startup ecosystem. Our mission and impact are rooted in more than a decade of independent research with data on three million companies over 280+ cities. technology #investment #unicorns /fiinews.com
