BENGALURU: As many as 9,346 tech startups have been launched in the city since 2010, with as many as 5,541 of them being launched in the last three years itself, the highest in the country, according to Bengaluru Innovation Report 2019, which was released by the Karnataka Vision Fund on Tuesday.
With 14 unicorns with a cumulative valuation of $61 billion, Bengaluru has been the biggest driver of the India startup growth story, according to the report. It predicts that the city is poised to grow even more rapidly with 43% of soonicorns (potential unicorns) having or going to establish their base in Bengaluru.
The report, which has been has been co-written by Accel Partners, 3one4 Capital, IdeaSpring Capital, YourStory Media Pvt Ltd, and Traxcn Technologies among others, takes a closer look at the ingredients that make the city “a great incubation centre” for early stage ventures, given the access to a tech-savvy early consumer economy. It also has access to quality tech talent pool available from the city’s broader information technology ecosystem. It also evaluates the performance of the ecosystem on a number of parameters, including number of companies founded, average fund raise size and number of unicorns in the city among others.
The report states that Bengaluru-based startups have raised around $31 billion in the last decade, which is approximately 45% of the total investment into the Indian startup ecosystem.The city is the preferred destination for late stage investors with around 55% of Series D+ investments in the country flowing into local startups.
