London emerging as top global destination for Indian tech startups from tier two cities
Indian entrepreneurs from tier two cities like Chandigarh, Kochi, and Coimbatore, among others, are increasingly tapping the UK as a prominent destination for tech talent and raising venture capital.In just the first two months of the new financial year, nine Indian firms have already set up base in London, following 23 in 2024 and 31 in 2023, according to London & Partners, a public-private international trade body. Meanwhile, fresh investments by existing Indian companies like Paytm Mphasis , and WNS are also fuelling the tech ecosystem in the UK capital.'London's appeal as a premier destination for Indian tech companies is driven by three key factors: access to customers, talent, and funding,' Hemin Bharucha, chief representative, Mayor of London, and regional director - India & Middle East, London & Partners – a public-private trade body, told ET. 'India has now been London's top source of investment for three years in a row.'He added that even entrepreneurs from tier two cities like Kochi, Chandigarh, and Coimbatore are increasingly investing in London, seeking access to venture capital and top talent.In 2023, Indian firms accounted for 29% of all inward investment projects in the city—more than any other country, data showed. Over the past decade, these companies have generated over 7,800 jobs in London alone.India's mid-sized IT services leader, Mphasis, announced the opening of its Innovation Centre in London to focus on advanced technologies such as quantum computing , quantum cryptography, and AI. It is a part of Mphasis' broader expansion in the UK, a market where it already serves around 60 clients, primarily in the financial services sector.'For Mphasis, London presents a truly compelling advantage as a vibrant innovation hub,' said Ashish Devalekar, executive vice president and head of Europe, Mphasis. 'Its unique combination of world-class talent, a forward-thinking regulatory environment, and strategic access to both European and global markets made it the ideal location for our innovation hub.'Mphasis plans to double its UK workforce over the next three years, it said in September last year.Chennai-based enterprise IT services provider BCT Consulting said it is targeting a revenue of £100 million over the next decade from the region. The company, which is present in 20 countries, plans to establish a centre of excellence (CoE) in London and create over 300 jobs.'As a global company driven by innovation, expanding into the UK, particularly London, was a natural step for us,' said Sundar Padmanaban, executive vice president - UKI & Europe, BCT Group. 'From healthcare to financial services, we see London not just as a growth market but as a hub for co-creating future-ready solutions with our clients,' he said.Grant Thornton's 2024 report revealed a record 971 Indian-owned businesses now operate in the UK, including 505 in London. The Technology, Media, and Telecom (TMT) sector leads the charge, with these companies collectively employing 118,430 people across the UK and generating £68.09 billion in revenue, up from £50.5 billion the year before.The recently signed India-UK Free Trade Agreement (FTA) is expected to further accelerate cross-border investment and innovation. 'The FTA is a landmark moment, it reduces tariffs, facilitates talent movement, and expands market access,' Bharucha said.The India-UK tech corridor is poised to emerge as a global model for collaboration, one that drives innovation and creates high-value jobs, he added.
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