With a population of over 10 million, Bengaluru is fast becoming the career hub of India. Often called the ‘Silicon Valley of India,’ it is one of the three megacities of India. It houses several top Telecommunication, Information Technology (IT), Technology and Service giants. It is a true cosmopolitan city in every sense with non-Bengalurians accounting for about 60% of its population.
Bengaluru contributes to over 28% of India’s startup ecosystem. Currently India has 3,100 start-ups and 868 of them are Bengaluru-based. And, these numbers are increasing exponentially, with as many as 10 new start-ups being launched every month in Bengaluru.
Among these startup enthusiasts, 13% of the founders are those who have absolutely no prior work experience. With 4X rise in the amount of funding, a total of $2.256 Billion (Rs.14,228 crores) of venture investment was made in Bengaluru in 2014. This positioned Bengaluru as the seventh Biggest Investment destination in Asia.
The city ranked second in a Global Startup Ecosystem Growth Index conducted in 2015. Owing to its high exit values and sharp growth in venture funding, it became the only Indian city to feature in the list.
A recent report found that Bangalore contributed $45 billion, or 38 per cent of India’s total IT exports, including domestic consumption, during 2012-2013. The city is all set to surpass Silicon Valley in 2020 by being the largest IT cluster globally, employing the highest number of IT professionals. This means the city is all set to double the number of jobs to 8 million direct and indirect by 2020.