India Is One Of The Fastest-Growing Tech Hubs In The World
The tech industry in India is one of the fastest-growing tech hubs in the world, reporting a growth rate of 12.2%.
The southern Indian tech hub of Bangalore is also home to the most significant number of high-growth companies in India. It ranks fourth overall among Asian cities, according to the FT’s latest ranking of High Growth Companies in Asia-Pacific, compiled by research company Statista.
Twenty of the top 500 companies on the list are based in Bangalore, representing four percent of the total. India’s financial capital, Mumbai, is Bangalore’s nearest rival, with 13 companies in the top 500.
Bangalore has also retained its high growth crown despite having recently lost its title of India’s startup capital. According to the government’s Economic Survey, 5,000 new start-ups were recognised in New Delhi between April 2019 and December 2021, compared with 4,514 in Bangalore.
Here are some key facts about India and its tech space
First quarter of the current calendar year had a supernova start in regards to investments made
Data from Trak.in and CB Insights indicate that in 2015, around US$8.5 billion was funded to startups in the country, with around 1,000 deals.
While the first quarter of the current calendar year had a supernova start, according to already published reports.
Both the funding amount and deal count in Q1 2022 witnessed an increase of 186% and 64%, respectively compared to the previous year. Also, the mega-round (startup investment rounds valued at $100 million and above) witnessed an uptick of 173% from 11 in Q1-2021 to 30 in Q2-2022.
Full Stack and Cloud Tech developers are in demand
A skill-wise break-up showed that Bengaluru indicated high demand for Cloud Tech Developers (41%), React JS Developers (44%) and Android Developers (81%), the 2021 study said.
For Full Stack Developers, nearly equal demand was witnessed across Bangalore (42%) and Hyderabad (37%), while demand for Angular JS Developers was evenly distributed across Hyderabad (25%), Bengaluru (21%), Gurugram (21%), Chennai (16%) and Pune (13%), it added.
While the startup scene is flourishing in India’s capital, New Delhi, the big money is still heading south
An analysis of Tracxn data by the Indian newspaper Mint shows that Bangalore nabbed $17 billion in funding for start-ups during 2019-21, with New Delhi taking just $2 billion.
Away from startups – Bangalore’s state, Karnataka, has often been described as “punching above its weight in attracting foreign direct investment (FDI). From October 2019 to December 2021, Karnataka captured $29 billion in FDI equity inflows — India’s second biggest share after Mumbai’s state, Maharashtra.