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B'luru Ranks 21st In Top 40 Startup Hubs, Chennai Claims 18th In Asia

Bengaluru, tied with Sydney at 21st, and Delhi and Mumbai at 24th and 37th respectively, feature in the Global Startup Ecosystem Report 2024. Chennai ranked 18th in Asia and 21-30 in emerging ecosystems.

By Rashaad Ather
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Bengaluru - Indian Silicon Valley

Bengaluru - Indian Silicon Valley

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According to the Global Startup Ecosystem Report 2024 by Startup Genome, Bengaluru is tied with Sydney at the 21st spot, while Delhi and Mumbai are ranked 24th and 37th, respectively. 

The top five global ecosystems remain unchanged from 2020, with Silicon Valley at the top. 

Tokyo has entered the top 10 for the first time, and Bengaluru's ecosystem value has seen a 22% increase, reaching $158 billion from July to December 2021 to 2023. 

Additionally, Chennai has achieved impressive rankings. 

The report, released at London Tech Week, placed Chennai 18th in the Asia regional rankings and within the 21-30 range in the emerging ecosystem rankings. 

This underscores the city's growing prominence in the startup world.

Achievements and Economic Impact:

Between 2021 and 2023, Bengaluru was ranked 20th by Startup Genome, attracting $32 billion in VC funding and hosting 43 unicorns. 

The average salary for software engineers is $12,000, much lower than the global average. 

Meanwhile, Chennai ranked in the top 25 globally and top 10 in Asia for affordable talent, as well as being in the top 15 in Asia for performance and top 20 in Asia for funding.

From July 1, 2021, to December 31, 2023, Tamil Nadu generated $27.4 billion in ecosystem value, representing the economic impact of exits and startup valuations. 

The Startup Genome report highlighted the efforts to increase the number of startups in the state. 

According to a release from StartupTN, DPIIT-registered startups surged from 2,300 in March 2021 to over 8,500 currently.

Chennai’s Future Prospects:

In 2022, Tamil Nadu was named the best performer in the state's startup rankings by Startup India. 

The following year, the Atal Innovation Mission recognized Tamil Nadu as a model state for its innovation ecosystem. 

These accolades confirm the state's dedication to fostering a thriving startup environment, making it a key player in the global and Asian tech landscape.