India attracted record USD 9.3 bn tech investments in 2019: Report

London: India attracted tech investments worth USD 9.36 billion last year, a 95 percent increase compared with the previous year, according to the data compiled by a global database company.

The data collated by Dealroom.co and revealed here this week show that the Indian investment figures coincided with record investment numbers registered by the UK in 2019, at USD 13.2 billion, behind the US (USD 116 bn) and China (USD 33.5 bn).

Both India and the UK witnessed a record year in terms of investments in their respective technology sectors in 2019. India attracted tech investments worth USD 9.36 billion last year, which marks a 95 percent hike on 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 fin-tech. 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,” he said.

According to the research prepared for London & Partners and Tech Nation by Dealroom.co, London maintains a strong tech lead with the UK capital’s tech companies attracting USD 9.7 billion in funding last year more than any other European city.

Major funding rounds for London companies in 2019 included USD 440 million in funding for London-headquartered fintech company OakNorth, headed by Indian-origin entrepreneur 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 USD 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,” he said.

Despite the Brexit vote and the UK’s scheduled departure from the European Union (EU) at the end of January, investment from Asia into the UK was higher than any other European country, with the likes of Germany and France lagging behind, the research reveals.

The city of London also remains the top place in Europe for creating high growth tech businesses, with the research highlighting that the UK capital has created 46 unicorn companies.