Bengaluru Innovation Report 2024 (3one4 Capital)

Summary

• Bengaluru is host to 45 of India's 112 unicorns and over 14,000 DPIIT-registered startups.p.5
• Karnataka's digital economy contribution is nearly $110 billion and is expected to expand to $400 billion.p.4
• Startups based in Bengaluru have raised $70.1 billion since 2010, including $61.4 billion over the last 9 years.p.29
• Bengaluru commands 85% of funding in E-Commerce Marketplaces, with $15.1 billion raised.p.14
• The city houses 34% of India's total Global Capability Center (GCC) talent and 30% of all GCC units in the country.p.16
• Bengaluru's average startup founder work experience is 10.2 years, with 52% having over 10 years of experience.p.24
• The state ELEVATE program has committed ₹224.06 crore to 983 startups since 2017.p.46

Key insights

1. Bengaluru is projected to be the fastest-growing city in the Asia-Pacific region with a predicted GDP growth rate of 8.5% between 2020 and 2035.p.10
2. The city accounts for over 38% of India's total IT exports and generates $65 billion in IT service exports as of FY 22.p.19
3. Bengaluru ranks as the fifth-largest unicorn hub globally, following the Bay Area, New York, Beijing, and London.p.36
4. Women-led startups in Bengaluru have raised $9.2 billion since 2010, representing 1,100 active companies.p.22
5. Bengaluru holds 40% of all electronic design share in India and houses 70% of the nation's chip designers.p.19
6. Startups headquartered in Bengaluru represent over 60% of total Indian startup funding within the Transportation & Logistics and EdTech sectors.p.31
7. Bengaluru hosts 165 soonicorns, representing 38% of India's total soonicorn landscape.p.41
8. Bengaluru features the highest concentration of software engineers in India at over 2.1 million.p.19