Mumbai (Maharashtra) [India], January 18 (ANI/NewsVoir): Global tech investors continue to put large sums of money into Indian tech companies despite a challenging global economic climate, with a recent report conducted by Dealroom and London & Partners revealing that India ranked 4th globally with USD 24.1B worth of VC investments in 2022. Further analysis from the research showed that USD 10.7bn of that investment went into companies based in Bengaluru-with the Indian tech city joining the likes of London and New York in the top 5 hubs for tech VC investment last year.
The leading sectors that contributed to India's strong VC funding performance were education, food, media, fin-tech and transportation. Bengaluru accounted for five of the top 10 deals for Indian tech companies in 2022-Byju's (USD 800m) Swiggy (USD 700m), Dailyhunt (USD 805m), Polygon (USD 450m) and ShareChat (USD 225m). Maharashtra produced two mega deals for: ElasticRun (USD 300m) and Xpressbees (USD 300m), with Gurugram based, Delhivery (USD 300m) making up the top 10.
In addition to Bengaluru, other global cities that saw impressive amounts of funding included the Bay Area (USD 72.4B), New York (USD 28.3B) and Boston (USD 20B). Outside of the United States, London emerged as the fourth largest tech hub for VC funding and by far the largest in Europe, with the UK capital's tech firms receiving a total of USD 19.8B. At a national level, the top three countries for tech investment in 2022 were the US USD 233.3B followed by China (USD 48B) and the UK (USD 29.9B).
Hemin Bharucha, Country Director, India, London & Partners said, "It is encouraging to see both Bengaluru and London among the top five cities for global tech VC investments, despite the challenges and economic instability we've seen in the last few years. Both these resilient cities are leading hubs for innovation, technology, and entrepreneurs. It's also exciting to see the UK and India feature in the top 5 countries for tech investment, offering further proof that there are lots of opportunities for technology companies to do business across both regions. The fact that London is the number one city in Europe for tech investment demonstrates why Indian companies should consider London as a top place to expand internationally."
According to the data findings, total 2022 global VC funding (USD 485.2B) experienced a 33 per cent dip from the record levels seen in 2021 (USD 723B)-a year which saw an unprecedented surge in economic activity post the opening up of COVID-restrictions. However, the 2022 numbers were 28 per cent higher than the global investments in 2020 (USD 348.9B) and any other year except from 2021.
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