India attracted tech investments worth £ 7.1 billion ($9.36 billion) last year, up 95% from the previous year, according to data compiled by a global database company.
The data collected by Dealroom.co released this week shows that Indian investment figures coincided with record 2019 UK investment numbers at $13.2 billion behind the US ($16 billion) and China ($33.5 billion).
In 2019, both India and the UK were witnessing a record year of investments in their respective technology sectors. India attracted $9.36 billion in tech investments last year, which marks a 95 per cent hike over the previous year, it said.
The positive tech investment figures for India and the UK demonstrate that we are both top destinations for global investors
said Hemin Bharucha, chief India representative for London & Partners – the Mayor of London”s official promotional agency.
Cities such as London, Mumbai and Bengaluru are increasingly creating game changing companies to compete on the global stage and we see lots of opportunities to collaborate with India, especially in areas such as smart cities and fintech. It”s also great to see that investment from Asia into the UK increased significantly in 2019, offering further proof of the strength of London and the UK”s tech growth
London retains a strong tech lead with UK capital's tech companies raising $9.7 billion in funding last year–more than any other European city, according to research prepared by Dealroom.co for London & Partners and Business Nation
Major funding rounds for London companies in 2019 included $440 million in funding for London-based fintech firm OakNorth, led by businessman Rishi Khosla.
London’s tech sector is a global success story and one that I continue to champion, particularly as it reflects our city”s diversity and entrepreneurial spirit
said London Mayor Sadiq Khan.
Our city is the undisputed tech capital of Europe and the record $9.7 billion of investment in this sector clearly shows London open to talent and investment from all over the world. London”s successful digital economy is not only an important source of jobs for Londoners but is also bringing prosperity and growth to the rest of the UK
Following the Brexit vote and the UK's expected withdrawal from the European Union (EU) at the end of January, Asia's investment in the UK was higher than any other European country, with Germany and France like to fall behind, the research reveals.
The city of London also remains Europe's top spot for creating high-growth tech businesses, with research highlighting 46 unicorn companies generated by the UK capital.
Shadrach is a Trending Journalist. His first job was as a newsreader and journalist at an award winning magazine. He spends most of his time scouring the internet for the hottest topics to share with his readers.