Bengaluru has emerged as the top fifth city on the global stage for venture capital investment in tech startups in 2022, behind Bay Area (San Francisco), New York, London and Greater Boston, as per Global Startup Genome Report.
Tech firms in Bengaluru have attracted VC funds worth $7.5 billion in the first half of 2022, considerably higher than the previous record of$5.2 billion in the corresponding period last year, the report said.
C.N. Ashwath Narayan, Minister for IT/BT, told The Hindu that “Our city is a hub of the world’s top talent and our startups are very promising and growth-centric. This gives global investors confidence to invest in our companies in Bengaluru. Therefore VC and PE investment to city ventures are on the rise.’’
“Silicon Valley of India now attracts more investment than other global hubs like Singapore, Paris and Berlin and is trailing closer behind Greater Boston and New York,’‘ the report further said.
The Bay Area attracted $44.5 billion, New York $15.4 billion, London $ 11.3 billion and Greater Boston $8.9 billion.
The report highlighted Bengaluru’s formidable status with an ecosystem value of $105 billion, higher than Singapore ($89 billion) and Tokyo ($62 billion). Bengaluru’s massive growth in 2022 was largely attributed to greater access to funding with major funding rounds in 2022 forscale-up tech companies, including $55.7 million Series D for Ather Energy and Swiggy’s $700 million round in January.
Hemin Bharucha, Director of India for London and Partners said, “This research demonstrates that London and Bengaluru are not just the leading startup hubs in Europe and Asia but they are also competitive on the global stage. It is fantastic to see startup growth across the whole of India as this creates lots of opportunities for collaboration with London.’‘
The report was released at the London Tech Week 2022 organised by London and Partners, London’s business growth agency.