Chennai, a significant player in the Indian startup ecosystem, has secured the 18th position in the Asian startup landscape, as revealed by ‘The Global Startup Ecosystem Report 2024’ recently published by Startup Genome, a leading startup intelligence organization. This report, unveiled during London Tech Week, also places Chennai within the 21-30 range in the global emerging ecosystem rankings, maintaining a consistent position from the previous year.
The city’s performance in various aspects of the startup ecosystem is noteworthy. Chennai has earned recognition for its abundant pool of affordable talent, ranking within the top 25 globally and the top 10 in Asia. Moreover, it stands among the top 15 Asian cities for performance, which measures the value generated by tech startups through exits and funding. Additionally, Chennai has secured a position in the top 20 in Asia for funding, highlighting the city’s attractiveness to investors.
The report also sheds light on Tamil Nadu’s overall ecosystem value, indicating an impressive $27.4 billion generated from July 1, 2021, to December 31, 2023, attributed to economic impact from exits and startup valuations. This substantial contribution underscores the state’s growing significance in the global startup arena.
Tamil Nadu’s startup ecosystem has experienced substantial growth in recent years, earning accolades such as being named the best performer in state startup rankings by Startup India in 2022. Moreover, the Atal Innovation Mission recognized Tamil Nadu as a model state for fostering innovation in 2023. The state has witnessed a remarkable surge in the number of startups, with figures soaring from 2,300 in March 2021 to over 8,500 presently, signifying the vibrancy and dynamism of its entrepreneurial landscape.
As Chennai continues to assert its presence in the global startup ecosystem, stakeholders and policymakers are expected to leverage these insights to further nurture and support the city’s burgeoning startup community, fostering innovation, entrepreneurship, and economic growth in the region.
