Bengaluru’s GDP is projected to grow at 8.5 percent till 2035: Priyank Kharge after releasing Bengaluru Innovation Report 2024

Bengaluru (Karnataka) [India], July 27 (ANI): Karnataka Minister Priyank Kharge stated that it was a proud moment for him to release the Bengaluru Innovation Report 2024, curated by 3one4 Capital and the Startup Vision Group. On X, he shared that Bengaluru’s GDP is projected to grow at 8.5 percent until 2035.

In his post, he wrote: “Proud to release the Bengaluru Innovation Report 2024, curated by 3one4 Capital and the Startup Vision Group. Key takeaways include that the top 10 cities with the highest GDP growth rates between 2020-2035 are projected to be based in Asia, with Bengaluru, Mumbai, and Delhi featured from India.

Bengaluru’s GDP is projected to grow at 8.5 percent until 2035. We have the highest number of female employable talent and are the most millennial-friendly city in India for education and employment, ranking 18th in the Asia Pacific. Bengaluru Urban has the maximum number of colleges per district at 1,106.”

He mentioned that 85 percent of funding in e-commerce marketplaces has been in Karnataka.

“$70.1 billion has been raised by Bengaluru-based startups since 2010, with $15.1 billion raised this year alone,” he said.

He further stated that Bengaluru leads in funding raised for business-to-business (B2B) at $34.9 billion and business-to-consumer (B2C) at $4.9 billion. Delhi follows with B2B at $13.5 billion and B2C at $1.8 billion.

He also shared, “We have over 3,600 funded tech startups. Twenty-five percent of tech startups in Bengaluru leverage DeepTech. Karnataka is the fifth-largest unicorn hub in the world, with India having 112 unicorns cumulatively valued at $320 billion. Forty-five unicorns in Bengaluru are valued at $160.8 billion. Thirty-eight percent of India’s 435 ‘Soonicorns’ are in Karnataka.”

He highlighted Karnataka’s robust investment ecosystem, featuring 1,565 VC funds, corporate venture funds, and 17,164 angel investors.

“Karnataka hosts over 400 R&D centres, more than 100 chip-designing houses, 70 percent of the nation’s chip designers, and holds 40 percent of the electronic design share,” he added.

He also pointed out that 1,100 active women-led startups have been founded in Bengaluru, raising $9.2 billion in the past decade.

“Startups beyond Bengaluru include the Mysuru cluster with 402 startups, the Mangalore cluster with 432 startups, and the Hubballi/Dharwad/Belagavi cluster with 463 startups. A total of 983 startups have received funding through Elevate, with 32 percent from Tier 2 and 3 cities and 24 percent being women-led startups,” he concluded.