Given that India has the world’s third largest startup ecosystem, it should come as no surprise that its top startup cities, Delhi NCR, Bengaluru, and Mumbai, are among the top startup ecosystems in the world, based on the number of startups and unicorns. However, according to a new study by PE-VC data platform PitchBook, none of India’s top startup hubs made the top 30.
PitchBook’s VC Ecosystem Rankings place Mumbai at a distant 32nd, Bengaluru at 34th, and Gurugram, among tailenders, at 48th. According to the report, Paris, São Paulo, Toronto, Berlin, Hong Kong, Denver, Guangzhou, and Tokyo they outperformed Indian cities.
The Development Score is calculated based on size and maturity. PitchBook stated that it measured size using inputs such as VC deals, exits, and fundraising activity, while assessing ecosystem maturity relied on startups’ ability to secure capital, grow, exit, and create outliers.
The Growth Score, on the other hand, depicts short-, medium-, and long-term growth rates in VC deals, exits, and fundraising activity over the previous six years.
The top cities were San Francisco, New York, Beijing, Shanghai, Los Angeles, Boston, London, Shenzhen, Seoul, and Tokyo.
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