India and the UK made record investments in the area of technology in 2019

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Shadrach   in Technology & IT

Last updated: 18 January 2020, 10:48 GMT

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.

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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 Londons 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. Its 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 UKs tech growth 

he said.

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London retains a strong tech lead with UK capital's tech companies raising $9.7 billion in funding last yearmore 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.

 

Londons tech sector is a global success story and one that I continue to champion, particularly as it reflects our citys 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. Londons 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

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he said.

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.

 

 




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