Start-ups dealing with Internet of Things (IoT) are choosing Bengaluru, the capital city of Karnataka, as their favourite city for setting up their companies
The city has around 52 per cent of IoT based startups in India. This has emerged in a new study done by management consulting firm Zinnov.
“A wide availability of talent, thriving ecosystem of investors, access to industry experts and the presence of start-up accelerators are contributing to Bengaluru’s dominance,” Zinnov said in a release quoting from the “IoT Start-ups in India 2017″ study.
The study also states that more than 80 per cent of the IoT based start ups in India have been established after 2010.
After Bengaluru, come Delhi NCR with 12 per cent of IoT based start ups.
Mumbai is on third spot with 11 per cent of the start ups followed by is followed by Hyderabad 4 per cent, Chennai two per cent and others together accounting for 19 per cent.
These start ups have received more than $169 million in funding since 2006.
“While the initial wave of growth for IoT start-ups in India was focused on consumer applications, the next wave will be geared towards Industrial IoT,” said Zinnov Engagement Manager and Delivery Head (G.A.P) Anand Subramaniam.
Industrial IoT accounts for approximately 27% of the IoT start-ups and has received close to $65 million in funding from investors like Tiger Global Management, Blume Ventures and Qualcomm Ventures.