According to a research by London & Partners, an international trade, investment and promotion agency, Bengaluru is currently the world’s fastest growing technology ecosystem in the world, followed by London, a hotbed for fintech and tech service providers like
Swiftcomm. Studying the investments since 2016, the agency has releases the report that includes cities like Munich, Berlin and Paris. Mumbai is placed at sixth position in the report.
Assessing the rate at which investments in the cities have increased, the agency has revealed that investment in Bengaluru grew 5.4 times from USD 1.3 billion in 2016 to USD 7.2 billion in 2020, while Mumbai has grown 1.7 times from USD 0.7 billion to USD 1.2 billion in the same period.
London registered three times growth between 2016 and 2020, rising from USD 3.5 billion to USD 10.5 billion.
“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,” said Hemin Bharucha, Chief Representative of India at London & Partners.
“London has a strong trade and investment relationship with cities across India and today’s figures show the opportunities for future partnerships between 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. “The UK government’s recent Brexit deal with the European Union brings certainty for Indian companies and investors looking to London and we look forward to welcoming more Indian businesses to the UK capital in the years ahead,” he added.
Bengaluru is also ranked sixth for the world’s tech venture capitalist (VC) investments, on a global list topped by Beijing and San Francisco, New York, Shanghai and London making up the top five. Mumbai comes in at No. 21 in the worldwide ranking, with Boston and Singapore being among the other high-ranking cities.
