Earlier this month, a recent report by realty consultancy firm Knight Frank ranked Bengaluru as World’s most affordable tech hub [Read Here]. Now, according to a latest data from research firm Tracxn, Bengaluru has emerged as the top city in India to attract funding in the start-ups category.
Bengaluru has toppled Delhi-NCR, Mumbai, Hyderabad and Pune in harboring the attention of investors, in the first nine months of 2017, reported Financial Express.
Start-ups in Bengaluru attracted USD 4.1 billion in funding which was constituted more than half the total investment of USD 7.8 billion raised by Indian start-ups in the first three quarters, according to data from research firm Tracxn.
The Delhi-NCR region has been a strong rival to Bengaluru with the rise of companies like Paytm, Snapdeal, MakeMyTrip, Zomato, Ibibo, MobiKwik and others, which are based out of the capital region. In the first nine months of 2016, the Delhi NCR region was the number one region in attracting USD 1.2 billion out of the total USD 3.3 billion of total start-up funding.
Bengaluru, which came second to Delhi-NCR region in 2016, climbed past the same on the heavy infusion of funding into companies such as Flipkart and Ola.
The first nine months of 2017 saw a number of start-ups raise billion-dollar funds, starting with Flipkart, Ola and Paytm.
Others like Swiggy, BigBasket and Byju’s investment-raising stance upped the IT hub’s position.
To recall, according to research firm 2thinknow that specializes in analyzing innovative cities, Bengaluru stands at number 19 among the world’s top high tech cities — the only Indian city to figure in the list.
In an another report from Tracxn, India’s internet companies attracted investments worth $7.4 billion in 2017’s first three quarters alone.
The Indian subcontinent has built an impressive profile for itself in the global tech scene. To recall, New York-based global technology and innovation giant IBM now employs more people in India than in any other country, including its home country the US.