Bengaluru is the world’s fastest growing tech hub followed by London; Mumbai sixth

News Network
January 14, 2021

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Bengaluru, Jan 14: Bengaluru has emerged as the world’s fastest growing mature tech ecosystem in the world since 2016, followed by the European cities of London, Munich, Berlin and Paris, with India’s financial centre of Mumbai in sixth place, according to new research released in London on Thursday.

Dealroom.co data analysed by London & Partners – the Mayor of London’s international trade and investment agency – reveals that investment in the Karnataka capital of Bengaluru grew 5.4 times from $1.3 billion in 2016 to $7.2 billion in 2020, with the Maharashtra capital of Mumbai growing 1.7 times from $0.7 billion to $1.2 billion in the same period.

The UK capital of London registered an impressive three times growth between 2016 and 2020, rising from $3.5 billion to $10.5 billion.

“It’s fantastic to see that Bengaluru and London ranked as the top two fastest growing global tech hubs for VC investment. Our two great cities share mutual strengths in entrepreneurship and innovation – creating lots of opportunities for tech investors and companies to do business across both regions,” said Hemin Bharucha, Chief Representative of India at London & Partners.

“London has a strong trade and investment relationship with cities across India and today’s figures show the opportunities for future partnerships between UK and India on technology. Despite the pandemic, tech companies in London and India are continuing to lead the way in creating game changing technologies – especially in high growth sectors such as EdTech and Fintech,” he said.

“The UK government's recent Brexit deal with the European Union brings certainty for Indian companies and investors looking to London and we look forward to welcoming more Indian businesses to the UK capital in the years ahead,” he added.

Bengaluru is also ranked sixth for the world’s tech venture capitalist (VC) investments, on a global list topped by Beijing and San Francisco, New York, Shanghai and London making up the top five. Mumbai comes in at No. 21 in the worldwide ranking, with Boston and Singapore among the other high-ranking cities.

Skillmine, a Bengaluru-headquartered tech company offering new generation IT consulting and managed services which expanded to London last year, highlighted access to “like-minded tech entrepreneurs alongside a deep tech talent pool” as the highlight of what has been referred to as India’s Silicon Valley in the past.

“It has been exciting to be part of Bengaluru’s emergence as a world-class tech hub. From here we expanded our business operations into London in May last year, as well as into the Middle East and America markets. London is a global tech hub with access to a thriving tech talent pool alongside growth capital and a wide customer base. We are excited to grow our business in the city,” said Anant Agarwal, Managing Director, Skillmine.

Behind Bengaluru and London, the other fast growing tech hubs include the two German cities of Munich and Berlin and the French capital of Paris, all three more than doubling their investments in the 2016-2020 period. The UK capital, however, cemented its status as Europe’s leading tech hub – with London companies receiving over three times the amount of investment than any other European tech city.

“London is the global tech capital of Europe. Despite the challenges brought about by Brexit and the coronavirus pandemic, London’s tech sector continued to thrive in 2020 and has an important role to play in the city’s economic recovery. London is already home to some of the world’s best technology companies and will remain open to international investment and tech talent from all over the world,” said London Mayor Sadiq Khan.

Despite the global pandemic and the UK’s exit from the EU, London tech firms raised $10.5 billion in 2020 – significantly more than the total amount raised in 2017 ($7 billion) and 2018 ($5.9 billion) and close to the record in 2019 ($10.7 billion).

“It's brilliant to see how resilient London's tech sector has been, despite all the challenges of 2020. International investors have shown real confidence in London, with new venture capital funds setting up here to invest in high-growth companies in sectors like fintech, cybersecurity and health tech. This is because London continues to be the gateway to the European market and a fantastic place to set up and scale a tech company," said Laura Citron, CEO of London & Partners.

The new research from Dealroom.co and L&P also reveals that mega funding rounds for London-based tech companies increased VC investment levels for UK tech in 2020, with British tech firms raising a record USD 15 billion in 2020. Additional findings show that London is now home to 1,252 VC firms – more than any other European city.

Following the outbreak of the global pandemic and an increase in remote working in 2020, enterprise software technologies emerged as a top sector for VC investors.

London saw an 82 per cent increase in enterprise software investments last year, with the UK capital’s firms raising a total of $1.9 billion.

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Mantesh I Rathod
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Wednesday, 27 Jan 2021

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My contact no 9022519198

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News Network
May 3,2024

Mangaluru, May 3: The Mangaluru City Corporation will resort to water rationing from May 5 as the Thumbe vented dam, which supplies drinking water to the city, is facing a shortage in water storage.

Instead of daily supply, water will be supplied on alternate days, the Executive Engineer (Water Supply) at the corporation said in a release.

The release said that water will be supplied to Mangaluru City North on May 5. There will be no water supply to Mangaluru City North on May 6. Instead water will be supplied to Mangaluru City South on May 6. Likewise the supply on alternate days will continue.

The inflow in the Netravathi has stopped, the release said, requesting people to cooperate with the corporation and not waste water for washing vehicles and other purposes.

An engineer at the corporation said that water level at the dam stood at 4.27 m on Wednesday against the full storage level of 6 m. If water is supplied daily to the entire city (Mangaluru City North and Mangaluru City South) the existing storage will last only for 16 days, the engineer said. Hence the decision to supply water on alternate days has been taken to supply water till May-end.

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News Network
April 23,2024

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The Karnataka government's decision to categorise the entire Muslim community as a backward caste for reservation purposes in the state has drawn criticism from the National Commission for Backward Classes (NCBC), which said such blanket categorisation undermines the principles of social justice.

According to the data submitted by the Karnataka Backward Classes Welfare Department, all castes and communities within the Muslim religion have been enlisted as socially and educationally backward classes under Category IIB in the State List of Backward Classes.

The NCBC, during a field visit last year, examined the state's reservation policy for OBCs in educational institutions and government jobs.

"All castes/communities of Muslim religion of Karnataka are being treated as socially and educationally backward classes of citizens and listed as Muslim Caste separately under Category IIB in the State List of Backward Classes for providing them reservation in admission into educational institutions and in appointments to posts and vacancies in the services of the State for the purpose of Articles 15(4) and 16(4) of the Constitution of India," the NCBC said in a statement on Monday night.

This categorisation has led to the provision of reservation benefits for 17 socially and educationally backward castes under Category I and 19 castes under Category II-A, respectively.

The NCBC said the blanket categorisation of Muslims as a backward caste undermines the principles of social justice, particularly for the marginalised Muslim castes and communities identified as socially and educationally backward.

However, the NCBC emphasised that while there are indeed underprivileged and historically marginalised sections within the Muslim community, treating the entire religion as backward overlooks the diversity and complexities within Muslim society.

"The religion-based reservation affects and works against ethics of social justice for categorically downtrodden Muslim castes/communities and identified socially and educationally backward Muslim castes/communities under Category-I (17 Muslim castes) and Category II-A (19 Muslim castes) of State List of Backward Classes. Hence, socially and educationally backward castes/communities cannot be treated at par with an entire religion," the NCBC stated.

The NCBC also voiced concern over the impact of such reservations on the overall framework of social justice, particularly in the context of local body polls.

While Karnataka provides 32 per cent reservation to backward classes in local body elections, including Muslims, the Commission stressed the need for a nuanced approach that accounts for the diversity within these communities.

According to the 2011 Census, Muslims constitute 12.92 per cent of the population in Karnataka.

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News Network
April 29,2024

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Bengaluru, Apr 29: HD Revanna, the father of Karnataka MP Prajwal Revanna, has accused rivals of creating a conspiracy out of "old videos", a comment that is likely to raise a bigger row over his son's alleged link to the obscene videos.

A woman yesterday filed a police case against Prajwal Revanna and his father over alleged sexual assault. Prajwal Revanna, the Janata Dal (Secular) MP and grandson of former Prime Minister HD Deve Gowda, has denied the latest allegations and also filed a police complaint over circulation of obscene videos, which he said were morphed.

Prajwal Revanna left for Germany on Saturday morning after voting in the Lok Sabha elections a day earlier.

"I know what kind of conspiracy is going on. I am not someone who'll get scared and run away. They have released something that was 4-5 years old. Expelling him from the party is left to the party high command," HD Revanna said.

When it was pointed out that an FIR has been registered against him too, he said, "There is politics, I don't want to comment. They (Congress) are in government and they will do whatever they want."

"All these things are not just today, the Deve Gowda family in the last 40 years (has been targeted by) Congress. CoD (now CID), Lokayukta probe, we have been facing for the last 40 years... I don't want to react to anything...let them take action in accordance with law," he said, adding that he hasn't spoken to Deve Gowda on the issue.

"Since the special investigation team is looking into the case, I will not react any further," HD Revanna said.

Yesterday, a first information report was filed against the father-son duo on charges of sexual harassment, intimidation and outraging the dignity of a woman.

The survivor alleged both sexually assaulted her, and when Revanna's wife was not home, he touched her inappropriately and used to sexually assault her. The complainant alleged Prajwal Revanna also misbehaved with her daughter over a video call. "My daughter blocked his number after repeated calls," the complainant said.

The latest FIR comes when Prajwal Revanna is already in the middle of a controversy after some objectionable videos went viral on social media allegedly involving him.

Prajwal Revanna is seeking a fresh term in the Lok Sabha from as a National Democratic Alliance (NDA) candidate from Hassan.

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