State: Karnataka
Language: Kannada, English, Hindi, Telugu
Population: 84,30,000 (2011)
Weather: Moderate with both dry and wet seasons
Food: Dosa, Chaat
Places to Visit: Cubbon Park, Bengaluru Palace, Nandi Temple, Lalbagh botanical garden, Bannerghatta biological park
Industry Specialisation: IT and Electronics, Telecommunications, Automobiles, Aerospace
Bengaluru is the second-fastest-growing metropolis of India and is loved for its eateries, quirky cafes, and a variety of cuisine from all over the world. The city today is not only known for its variety of parks and happening nightlife but it can also be called a startup revolution hero.
Bengaluru, The Ecosystem
Bengaluru’s ecosystem is known for being technology-driven-many have dubbed it the Silicon Valley of Asia. It is not only a well known IT hub but a lot of major known corporations function out of the city. It is the centre of India’s high tech industry and its life science startups are known to attract the highest rate of investors due to the presence of some of the best talent as well as knowledge.
Read more about why Bengaluru is the best place for tech startups in India – https://yourstory.com/2020/01/bengaluru-innovation-report-startups
Bengaluru’s steady growth has attracted the attention of businesses across the globe, helping position India as the perfect ecosystem for technology entrepreneurship. They have been behind some of the greatest startups to come out of India- Flipkart, Nestaway, Furlenco, Swiggy, Byjus, and ZoomCar.
The city is a startup hub and draws in magnates that are willing to invest tremendously in local startups. Being a startup in Bengaluru gives them a certain sense of worthiness- because you’re more likely to succeed here than anywhere else. Because of this, we see investments that run into hundreds of millions of dollars- Bengaluru is home to 14 unicorns, close to 45% of all unicorns in India.
Funding
Bengaluru-based startups have raised more money since 2016 than Delhi and Mumbai combined. They have raised USD $30.57 billion since 2010 and USD $20.1 billion in the past four years.
In nine months of 2019, Bengaluru scored investments worth $3.46 Bn- they account for 34% of all early-stage investments in the country. Practo (USD $32 Mn), Medlife (USD $23 Mn), Dunzo (USD $30 Mn), Flipkart (USD $1.2 Bn), Vedantu (USD $100 Mn), and Khatabook (USD $60 Mn) are some of the investments made in Bangalorean startups in the past 4 months.
Incubators, Accelerators, and Stakeholders
There are thousands of angel investors in Bengaluru, including big names like Binny Bansal, Phanindra Sama, and Ganesh Krishnan. The city also has a well-established network called the Bengaluru Angels- who work towards building corridors of linkages, business relationships and investments on the foundation of domain expertise, integrity, commitment and trust amongst their startups.
Read more about the top startups of Bengaluru – https://timesofindia.indiatimes.com/city/bengaluru/bengaluru-has-3rd-most-startups-globally/articleshow/66371521.cms
When it comes to VC firms, Bengaluru has plenty. Accel Partners, Axilor Ventures, Catamaran Ventures, Blume Ventures, and Sequoia Capital- some of the most well known VC firms in the country fund heavily in Bengaluru.
The Bengaluru ecosystem has formed within itself small communities to help each other prosper. Headstart Bengaluru is one such community. In a little under 2 years, they have impacted 1700+ entrepreneurs through 20+ events. Through Startup Saturdays and 1-1 Mentor Sessions, Headstart Bengaluru is helping grassroots entrepreneurs grow to their fullest potential. If you’d like to reach out to our team in Bengaluru, email us at bangalore@headstart.in
They have no dearth of Incubators and Accelerators. CoE IoT, C-Camp, NSRCEL IIM Bengaluru, IIIT Bengaluru Innovation Center, and NASSCOM 1000 Startups, are all academic/governmental incubators that have contributed greatly to Bengaluru’s success in the startup world today. Venture Catalysts, Axilor Ventures, Startup Village, and Technovate Innovations are some of the best non-academic/non-governmental incubators.
The Government
The Startup India initiative launched by the Central Government in 2016 helped startups to secure their branding, IP protection, and attract the right talent. The Karnataka Government also launched the Karnataka Startup Policy to help grow close to 20,000 tech startups by 2020.
Conclusion
If there is one thing that Bengaluru strives to work upon, it is the lack of talent and experience. Since the ecosystem has the youngest workers among all startup ecosystems, there have always been problems with access and quality. The solution to this is to not hire employees very quickly, making sure their experience is way above what is considered average.
Read more about how Bengaluru has a diverse and evergreen ecosystem – https://fi.co/insight/bangalore-is-a-fast-growing-startup-ecosystem-here-is-a-list-of-all-the-local-resources
Bengaluru remains conducive because of its ability to strike partnerships with some of India’s most large corporates. The quality of each and every enabler to support other startups and cope up with the hustle sets it apart. Finally, the ecosystem can without a doubt be described as evergreen and dynamic, attracting million of highly skilled tech worker migrants.
Contributed by:
Anoushka Chopra & Sanskriti Bhatnagar
Headstart Network Foundation