New Delhi: London, Mumbai and Bangalore have featured among the world’s top startup hubs, according to a comprehensive ranking of international startup hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021.
• Mumbai maintains its top spot in ‘Top 100 Emerging Ecosystems’ list as Indian startups raise $12.1bn in first half of 2021
• London and New York are top cities globally to build a successful tech company outside of Silicon Valley
• Bangalore-Karnataka ranks 23rd globally while Delhi comes in at 36th in the top list
• London ranks highly for funding, talent, and connectedness in latest Global Startup Rankings by Startup Genome
• London tech firms raise record levels of investment in 2021, already more than the whole of last year
Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking tied with New York for the second year in a row. 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.
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.
The report ranks the leading 140 startup ecosystems based on seven success factors including Performance, Talent and Connectedness. 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 $142.7bn. 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.
The research shows that Indian startups raised $12.1 billion in the first half of this year, demonstrating the rapid growth of India as a global hub for tech and innovation. 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.
London’s impressive start to 2021 has been boosted by major funding rounds for Revolut ($800m), Checkout.com ($450m) and Hopin ($400m).
Bangalore’s ranking was also boosted by healthy access to growth capital, demonstrated by recent large funding rounds from food delivery platform Swiggy ($1.3bn), social media company ShareChat ($502m) and edtech firm Byju ($460m).
Janet Coyle, Managing Director Business Growth, London & Partners said, “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. 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.”
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.