Bengaluru becomes fastest-growing tech hub on planet since 2016, says report

Image Courtesy: Reuters

New Delhi: Karnataka's capital Bengaluru has topped the charts of a fastest-growing technology hub in the world since 2016. This was revealed in research in London on Thursday (January 14).

Bengaluru is followed by European cities including London, Munich, Berlin, Paris and Mumbai has secured the sixth position in this list.

The data was collected by dealroom.co and was analysed by London & Partners. Bengaluru has seen an impressive increase in the investment of 5.4 times in 4 years. The investment in 2016 was USD 1.3 billion and it grew to USD 7.2 billion in 2020. London & Partners is a promotional firm and international trade and investment agency of the Mayor of London.

The city of London, which secured the second rank observed an investment growth from USD 3.5 billion to USD 10.5 billion from 2016 to 2020. India's financial capital Mumbai recorded growth in investment from USD 0.7  to USD 1.2 billion in the four years period.

As far as the Overall Tech Venture capitalist investment list is concerned, China's Beijing is ranked first, followed by San Francisco and New York. Bengaluru has secured the sixth position in the list.

Hemin Bharucha, chief representative of India at London & Partners said that ' It is fantastic to see that Bengaluru and London ranked as top two fastest-growing global tech hubs for  VC investments. 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 added by saying that " London has 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 certain game-changing technologies, especially in high growth sectors such as EdTech and Fintech".