Bengaluru is the world’s first fastest growing technology hub: Report

NEW DELHI: Bengaluru, the Information Technology (IT) capital of the country with a population of more than10 million has been placed at the top in the list of world’s fastest growing mature technology ecosystem since 2016. Bengaluru was followed by European cities of London, Munich, Berlin and Paris. The data analysed by London and Partners reveals that Begaluru grew 5.4 times from the amount of $1.3 billion in 2016 to $7.2 billion in 2020. Mumbai on the other hand, ranked sixth in the list, grew 1.7 times from $0.7 billion in the same time period.

London has also showed a significant growth of three times from $3.5 billion to $10.5 billion in the period between 2016 and 2020. Hemin Bharucha, Chief Representative of India at London and Partners, said that it is good to see Bengaluru and London as the top two fastest growing technology hubs of the world. He added that the two cities share the power in entrepreneurship and innovation which creates a lot of opportunities for investors and companies to do business.

Bengaluru is also at the sixth spot in world’s technology Venture Capitalist (VC) investments. This global list has been topped by Beijing, San Francisco, New York, Shanghai and London as the top five cities. Mumbai stands at the 21^st spot in the ranking including Boston and Singapore in the high ranking cities. Depsite the COVID-19 pandemic and various other challenges of 2020 including Britain’s exit from European Union (EU), London technology firms have raised $10.5 billion in 2020. The number is evidently higher than what was raised in 2017 ($7 billion) and 2018 ($5.9 billion).