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Bengaluru Ties with Sydney in Global Startup Ecosystem Rankings

Bengaluru Ties With Sydney In Global Startup Ecosystem Rankings

BENGALURU: India’s tech hub Bengaluru has secured the 21st spot alongside Sydney in Startup Genome’s Global Startup Ecosystem Report 2024. Delhi and Mumbai follow, ranking 24th and 37th, respectively. The top five ecosystems remain unchanged: Silicon Valley leads, with New York City and London in joint second place, and Los Angeles and Tel Aviv sharing the fourth spot.

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The top five ecosystems collectively account for $4.4 trillion in value, representing 54% of the total value of the top 40 ecosystems. Tokyo has entered the top 10 for the first time, and Miami has moved up to the 16th position.

Bengaluru’s ecosystem value has increased by 22%, reaching $158 billion from July 2021 to December 2023. Known for its rapid growth and lower average tech salaries, Bengaluru has become a technology hub with 43 unicorns and significant VC funding of $32 billion during the same period. However, the average salary of a software engineer in Bengaluru was $12,000 last year, compared to the global average of $47,000.

Despite a decrease in the number of new unicorns in 2023, with Silicon Valley leading the count, more than half of new unicorns globally were in GenAI and deeptech sub-sectors. Startup Genome evaluates ecosystems based on performance, funding, market reach, talent and experience, and knowledge.

JF Gauthier, founder and CEO of Startup Genome, noted a potential new growth cycle for global startup ecosystems, with early 2024 showing a slight increase in investments.

 

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