Bengaluru is known for its software industry and as a great place to invest in space, defense, and other sectors.There are huge potential opportunities here.
Bengaluru, together with the Karnataka state, is India’s largest space cluster.Karnataka also ranks second in the production of electrical machinery.
Salil Ravindran is an independent mentor, advisor and Board member for many Indian startups.He told IANS that Bengaluru was ranked 23rd in the global top 30 startup ecosystems according to ‘The Global Startup Ecosystem Report 2020’.
Startup Genome also ranked Bengaluru 10th among the top 1000 cities worldwide by Startup Blink.
Bengaluru is home to nearly half the Indian Unicorns.
This cannot be coincidence, given its world-class education institutions, technical talent pool and conducive government.He explained that Bengaluru has the largest, most multicultural, westernized and multi-cultural customer base in India.
Murugesh Nirani, the Karnataka Minister of Large and Medium Industries said to IANS that “our start-up ecosystem seems thriving if you look at the number which have become unicorns this year.” Ten startups had entered the $1 billion club by April.Six of these have achieved this distinction in the last week.Bengaluru contributed five of the total.
This list contains companies in the fintech, healthcare tech and social commerce sectors.
Aprameya Raghakrishna is Co-founder, CEO and the founder of Koo.She explained that Bangalore is where the Indian startup ecosystem began.This city is India’s startup capital.
He says, “We have more than 10,000 startups that offer disruptive ideas and are exciting.And many more that become reality each year.”
“We are home to some of the biggest startups-turned-unicorns, which have established a presence not just across India, but also globally.He says that Bangalore is the best startup city because of the sheer number of new startups each year.
But it’s also the ecosystem that supports them.
Aprameya Radhakrishna also stated that the city is home to many top-quality colleges and universities, as well as a large pool of talented technical people who are eager to learn about the latest and most innovative technology and platforms.
Bangalore hosts many hackathons where some of the most talented people are often selected.
He says that the city has many incubation centers that provide ample opportunity for budding entrepreneurs to obtain seed capital and early capital.
This is necessary for product testing, prototype building, and go-to market strategies.
There are many co-working and collaborative spaces in Bangalore that make it easy to set up an office.
These places allow people and resources to come together and collaborate towards a common goal.This, along with favorable government policies and good infrastructure and buzzing nights, have helped to reaffirm Bangalore’s status as one of most exciting startup centers in the world.
Aprameya Radhakrishna explains that all these factors have led to Koo, a made-in India platform.
In May 2021 Koo secured $30 million from Tiger Global in a Series B round of funding.
Existing investors such as Accel Partners, Kalaari Capital and 3one4 Capital were also involved.He said that the unique features of Koo’s language make it possible to outperform ourselves and scale quickly in order to reach 100 million downloads within the year.
Jairam Srinivas (Director General Confederation of Indian MSMEs in ESDM, and IT), explained that the government of Karnataka, as the promoter, should have a long-term vision.He has to work towards creating a manufacturing base, rather than focusing solely on startups online.
They will be unable to last beyond five years.
A Karnataka minister recently announced the allotment 200 acres of land to a special industrial area near Bengaluru.
Five state and national trade organizations in the state had absolutely no knowledge of this.The Lok Sabha was asked about this issue and Rajiv Chandrashekar, State Minister for IT said that he would answer it after collecting data.”
The flights from Bengaluru to Bangladesh and Sri Lanka will need to be maintained.In order to develop KempeGowda International Airport, (KIAL), the government did not take any proactive steps.
The country’s biggest Maintenance, Repair and Overhauling unit (MRO) is now being built in Noida, Uttar Pradesh.UP is now able to finance lucrative defense projects, including the manufacture of AK 205 rifles.Today, the land cost in Bengaluru and surrounding areas is Rs 2.5 crore an acre.Jairam Srinivas stated that infrastructure is not the main focus of Karnataka’s government.
Murugesh Nirani, Minister for Large and Medium Industries, explained, Bengaluru, along with Paris and Singapore, stand out for high access as well as quality and activity of funding.
“The Bengaluru ecosystem is ideal and unique – R and D departments of startups, 85 chip designing houses.Karnataka is also the world’s 4th largest technology and innovation cluster and home to more than 400+ global R and D centers.Around 60 per cent of biotechnology companies in India have a base in Bengaluru,” he said.
Domestic and multinational corporations, academic and industry, defence, product, and user organizations – all coexist in one metropolitan city.This means that future innovations are planned and developed in Bengaluru and will also be first to be used here, says Minister Nirani.
“Recently Bengaluru was ranked 23rd among the top 30 global startup ecosystems by policy advisory and research organization Start-up Genome’s The Global Startup Ecosystem Report 2021.Bengaluru has an ecosystem value of $53 billion.Bengaluru’s ranking was also boosted by healthy access to growth capital, demonstrated by recent large funding rounds from food delivery platform Swiggy (USD 1.3bn), social media company ShareChat (USD 502m) and EdTech company Byju’s (USD 460m),” Nirani explained.
Bengaluru will be the fastest growing city in the world for the next 15 years as its GDP is projected to grow at 8.5 per cent until 2035, according to the Bengaluru Innovation Report 2019.India will be home to 17 of the 20 fastest-growing cities in the world between 2019 and 2035 among the world’s 780 major cities, he underlined.
Recently, Karnataka revised its EV Policy and has introduced a road tax exemption for EV vehicles with no registration fee.Investors in EV Sector get 15 per cent capital subsidy, five years production incentive subsidy 100 Stamp Duty Exemption, 100 per cent Only 0.1 per cent registration fee, 50 per cent subsidy on ETP (Plant) costs and 50 per cent on skill development subsidy.The government has announced a 50 per cent stipend, Nirani explained.
Investors interested in establishing an EV cluster in the state will be allowed in 200-250 acres of Harohalli.
The land acquisition process from KIADB is nearing completion.There are more than 45 electric vehicle startups in the state and over 400 R and D centres, Minister Nirani said.
Salil Ravindran explains, the conditions have never been more ideal than now, with startups challenging and even acquiring established players (PharmEasy to buy 26 year old Thyrocare, BharatPe to take over 37 year old PMC Bank, Byju’s buys 33-year old Akash Institute, Groww buys 13-year old Indiabulls MF business, etc).
It’s raining unicorns in India and Bengaluru has emerged not just as an undisputed hub for Unicorns but also for high-growth ‘Soonicorns’.However, there is also the view that many of the current acquisitions and success stories are supported more by hot money or advantages given to a few.We need to see how many of these will survive the servitude of time and business cycles, he said.
The Covid-19 crisis has only accelerated the transition to the digital economy and has called for entrepreneurs to innovate faster.With top technical talent from across the country, and two million people now working in technology, the city also has the most open and welcoming cultures in India.
It is a true ecosystem built by the best talents.There is no doubt Bengaluru will lead India as the epicentre of innovation in the age of disruption.
Dr J.R.Bangera, Board Member of MSME National Board, Ministry of MSME, Government of India and former President of Federation of Karnataka Chambers of Commerce and Industry (FKCCI) explained that barring the digital sector, the market is witnessing demand depression.People are still hesitant to spend.Cost of production has gone up and exports to Europe and other countries are not comfortable as air cargo and even ship containers have turned expensive by three to four times.”We are hoping for the reversal of trends by March 2022,” he underlines.
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