Chennai ranks 18 among top 30 Asian startup ecosystems

The study ranks Chennai among the top 25 globally and top 10 in Asia for affordable talent, reflecting the city’s capability to attract tech talent.
Start-ups
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CHENNAI: Chennai is fast emerging as a global hub for startups with four unicorns (startup companies valued at over US$1 billion which are privately owned and not listed on a share market) in the last 10 years. The city has now been ranked 18th in the Asia Regional Rankings among the top 30 Startup Ecosystems, as per the Global Startup Ecosystem Report by Startup Genome and the Global Entrepreneurship Network.

The study ranks Chennai among the top 25 globally and top 10 in Asia for affordable talent, reflecting the city’s capability to attract tech talent.

The report, released at London Tech Week on June 10, also placed Chennai in the 21-30 range in the Emerging Ecosystem Rankings globally.

The report highlighted that Tamil Nadu generated $27.4 billion in ecosystem value from July 1, 2021, to December 31, 2023. This value represents the economic impact calculated from exits and startup valuations. The report was based on extensive research and analysis of data from 3.5 million startups across 290 global ecosystems over 50 countries to date.

Chennai also figured in the top 15 in Asia for performance, measuring the accumulated tech startup value from exits and funding, and in the top 20 in Asia for funding, which evaluates early-stage funding and investor activity. Chennai also appeared in the top 25 Asia Ecosystems for talent and experience, underscoring its ability to generate and retain talent.

The report comes in the wake of StartupTN planning to elevate Tamil Nadu into the top 20 global startup ecosystems. To achieve this, steps are being taken to enhance the startup ecosystem across the entire state, extending growth to tier I, II, and III cities. Regional hubs have been established in cities such as Madurai, Tirunelveli, Erode, Salem, Thanjavur, Cuddalore and Hosur, with satellite offices in Coimbatore and Tiruchy to foster widespread development.

A Global Coordination Center (GCC) has been set up in Dubai to help startups from Tamil Nadu expand their market in West Asian countries and GCCs are to be established in other countries in future. Meanwhile, the state has announced earlier this year that a Global Startup Summit will be conducted in early 2025 in Chennai.

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