Bengaluru startups have raised about $31 billion in the last decade, which is 45 per cent of the total investment into the Indian startup ecosystem. Since 2016, the city has witnessed more capital inflow (about $20 billion) than Delhi and Mumbai combined, according to the Bengaluru Innovation Report 2019 which was unveiled by Karnataka Vision Fund on Tuesday.
With 14 unicorns (44 per cent of unicorns in India) with a cumulative valuation of $61 billion (58 per cent of India), Bengaluru has been the biggest driver of the India startup growth story. A ‘unicorn’ is a startup valued at more than $1 billion. The city is poised to grow even more rapidly with 43 per cent of ‘soonicorns’ (potential unicorns) in the country being based out of Bengaluru. New emerging sectors like ‘deep tech’ could help the city become a global hub of excellence for certain sectors.
“Bengaluru has served as India’s technology capital for over three decades now. With a robust heritage of premier R&D laboratories, academic institutions, and public sector focused firms, Bengaluru was the pivotal city that led to India’s IT leadership in the world. These IT companies helped put India on the global map as the software industry permeated every sphere of business,” said Prashanth Prakash, chairman, Startup Vision Group-Karnataka.
Source: Business Standard
