India has made a powerful mark on the world's global startup ecosystem, with a new report launched by Startup Genome at London Tech Week 2022 revealing that a number of Indian cities are amongst the top emerging startup ecosystems in the world. Further research from Dealroom.Co for London & Partners showed that Bengaluru is the leading Asian city and 5th ranked hub in the world for tech venture capital investment in 2022.

The investment research revealed that in the first five months of this year (January to May) Bengaluru’s tech firms have raised USD 7.5 billion in VC funding, considerably higher than the previous record of$5.2 billion during the first six months of 2021.The city aptly named as the “Silicon Valley of India” is now attracting more investment than other global hubs like Singapore, Paris and Berlin and is trailing closer behind Greater Boston and New York.

According to the figures from London’s business growth agency, London & Partners, the UK capital is also on course for record levels of VC investment in 2022. London is by far the most attractive tech hub in Europe for international VC investment, with London firms raising $11.3bn so far in 2022 – significantly more than the likes of Paris ($5bn) and Berlin ($2.4bn).

As per the latest Global Startup Ecosystem Report from Startup Genome, the Asian tech startup community is going through a massive transformation. The ecosystem once dominated by Beijing, Singapore, Hong Kong and Korea is now being considerably disrupted by Indian cities like Bengaluru, Mumbai, Telangana and Delhi. Bengaluru ranked 22nd in the startup ecosystem globally due to major improvements in its market reach and Delhi moved up an impressive 11 places, coming in at #26, with Mumbai at #36.

The report highlighted Bengaluru's formidable status as the tech capital of India, with an ecosystem value of USD 105 billion—higher than Singapore (USD 89 billion) and Tokyo (USD 62 billion).  Bengaluru's massive growth in 2022 is largely attributed to greater access to funding with major funding rounds in 2022 forscale-up tech companies, including USD 55.7million Series D for Ather Energy and Swiggy's USD 700 million round in January.

The recent findings also established London the startup hotbed for Indian entrepreneurs. According to the research, London’s startup ecosystem has demonstrated its resilience despite Brexit and the pandemic, securing the second spot for the third year in a row, with a total value of USD 314 billion. According to London and Partners, London is the number one European city for Indian companies looking to expand outside of their home market and second only to Dubai for the number of foreign direct investment projects from India in the past five years (2017-2021).

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.

He further added “With our shared strengths in entrepreneurship, innovation and technology, we can expect to see UK and Indian tech companies doing business across both regions. London is already one of the top destinations for Indian tech companies looking to expand outside of their home market and we continue to see a strong pipeline of Indian tech companies that are looking to grow their business internationally by moving to London.”

In addition, the Startup Genome report also highlighted London’s strengths in high growth sectors such as Fintech, EdTech and ClimateTech. The city has produced more unicorn startups and billion dollar exits than any other European hub. The UK capital is now home to 80 unicorns, more than the next three European unicorn hubs combined (Berlin, Paris, Stockholm - 78). So far this year, London has added six new unicorns to its total in 2022, including: Paddle, Forterro, Payhawk, Tripledot Studios, Accelerant, and Learning Technologies Group.

Mayor of London Sadiq Khan, said: “London is the undisputed tech and innovation capital of Europe, and this independent report demonstrates that our start-up ecosystem is also one of the most diverse and vibrant in the world. The record levels of investment we’ve seen so far this year offers further proof that London’s tech sector continues to go from strength-to-strength. I’m looking forward to welcoming the global tech community for this year’s London Tech Week, a great opportunity for us to strengthen partnerships across the world and build a better London for everyone.”

JF Gauthier, Founder and CEO, Startup Genome said: “The performance of the London startup ecosystem, climbing from #7 in 2012 to #2 for the last 3 years, demonstrates its strength as a leading startup hub. It is the community with the highest Global Connectedness after Silicon Valley and the best place in Europe to scale a tech business to global category leadership. We’re delighted to launch the GSER 2022 at London Tech Week because there is no better place to bring together our global startup community.”

Additional findings from the Global Startup Ecosystem report, show that the global tech sector has weathered the pandemic better than other industries. The report reveals that since the pandemic, tech companies grew 2.3 times more than their non-tech counterparts. According to the research, a record 540 companies achieved unicorn status in 2021, up from 150 in 2020, with 113 ecosystems producing at least one $1 billion+ behemoth. Since 2012, global average Series A rounds have tripled to more than $18 million.

The 2022 Global Startup Ecosystem Report is being launched at London Tech Week, the UK’s flagship technology event. London Tech Week brings together 20,000+ global government and corporate leaders, inspirational start-up founders, senior investors and tech rising stars together to discuss the power of technology for societies. Key speakers throughout the week include: Sajid Javid MP, Secretary for State for Health & Social Care; Poppy Gustafsson OBE, CEO Darktrace; Baroness Martha Lane-Fox CBE; Alex Mahon, CEO of Channel 4; Sir Patrick Vallance, Government Chief Scientific Adviser and National Technology Adviser;Euan Blair, Founder & CEO Multiverse.