A recent report termed Bengaluru as the fastest-growing mature tech ecosystem in the world since 2016 closely followed by London, Munich, Berlin and Paris. The financial hub of India, Mumbai, was ranked sixth.

Dealroom.co data analysed by London & Partners – an international trade and investment agency – shows that investments in Bengaluru, the capital of  Karnataka rose 5.4 times from $1.3 billion in 2016 to $7.2 billion in 2020. Mumbai, the capital of Maharashtra, grew 1.7 times from $0.7 billion to $1.2 billion in the same period, reports PTI.

Meanwhile, London showed a three times growth between 2016 and 2020 and rose from $3.5 billion to $10.5 billion.

Bengaluru also ranked sixth for the world's tech venture capitalist (VC) investments, with Beijing and San Francisco, New York, Shanghai and London making up the top five. Mumbai came in at No. 21 in the worldwide ranking.

Behind Bengaluru, the IT capital of India with around 10 million population and London, two German cities of Munich and Berlin and the capital of France, Paris were the other fast-growing tech hubs more than doubling their investments in the 2016-2020 period. 

Despite the Covid-19 pandemic and Britain'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).

The Dealroom.co and L&P research also showed 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 $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.