Chennai Ranks 18th in Asian Startup Ecosystem

Chennai, Jun 11 (KNN) Chennai has been ranked 18th in the Asian startup ecosystem according to the 'The Global Startup Ecosystem Report 2024' released by Startup Genome, a startup intelligence organisation.

The report, unveiled at the London Tech Week on Monday, also placed Chennai in the 21-30 range globally for emerging startup ecosystems, retaining a similar position from last year.

The rankings highlight Chennai's strengths in several key areas. The city ranked in the top 25 globally and top 10 in Asia for affordable talent.

It also secured a spot in the top 15 in Asia for startup performance, measured by funding and exit valuations. Chennai appeared in the top 20 in Asia for funding raised and the top 25 for availability of talent and experience.

According to StartupTN, the state startup initiative, Tamil Nadu generated USD 27.4 billion in ecosystem value from exits and startup valuations between July 2021 and December 2023.

"Our long-term goal is to emerge as a top 20 global startup hub," said Sivarajah Ramanathan, StartupTN's CEO. "This ranking helps identify areas for improvement against other leading ecosystems."

Tamil Nadu's startup prowess has been recognized nationally as well. In 2022, it was named the best performer in the states startup rankings by Startup India.

Last year, it was hailed as a model state for innovation ecosystem by the Atal Innovation Mission. The number of startups in Tamil Nadu has soared from 2,300 in March 2021 to over 8,500 currently.

(KNN Bureau)