London, leading European destination for Indian tech investment
London has emerged as the leading European destination for Indian entrepreneurs with the technology sector bringing in a large chunk of investments from India, according to new data released on Thursday. London & Partners (L&P), the Mayor of London's official promotional agency, found that since the Brexit vote, London has attracted more investment projects from India than any other major European city. Here's more.
Further analysis of the findings shows that London attracted more foreign direct investment (FDI) from Indian tech businesses than any other European tech hub in the past two years. London's tech companies have attracted over £4 billion of investment since the European Union (EU) referendum vote in June 2016 ahead of Paris (£1.14 billion), Berlin (£814 million), and Stockholm (£542 million).
The findings come as the UK Government announced plans to launch a new start-up visa route. The route, announced by UK Home Secretary Sajid Javid during London Tech Week, will make visa process faster and smoother for entrepreneurs from countries like India coming to the UK. The new expanded route will launch in the first-half of 2019, with further details yet to be announced.
"The UK can be proud that we are a leading nation when it comes to tech and innovation, but we want to do more to attract businesses to the UK and our migration system plays a key part in that," said Javid.
"Following my visit to India last year, I see lots of opportunities to strengthen investment between London and Indian cities," said London Mayor Sadiq Khan, as he welcomed a strong delegation of Indian tech companies to London Tech Week. London Tech Week is Europe's largest festival of technology, involving over 200 events hosted across London and attracting over 50,000 visitors from across the world.
Hyderabad-based fintech company Paymatrix, Delhi's AI start-up ThirdWatch, Bangalore-based MedTech business Mimyk, Staqu (Delhi), DineOut (Delhi), Ayasta Technologies (Hyderabad), and CropIn Technology (Bangalore) are the Indian companies joining the tech festival. These companies are part of the UK Government's Tech Rocketship Awards Programme.
"I think Indian entrepreneurs love the creative energy of London and the inclusiveness and welcome of our tech community, not to mention the time zone, access to capital and world-class talent," said Laura Citron, CEO London & Partners. She added that they're opening an office in Bangalore to be able to do more to bring the London and Indian tech communities closer together.
"The UK is a great market for technology and food & beverage. London being the financial-capital gives us access to some of the largest chains in the food and beverage space such as Pizza Express and Dishoom," said Ankit Mehrotra, Co-Founder & CEO of Dineout.