Bangalore – The Silicon Valley of India 2020
Tech and Pleasant-weather are the words that I would use to sum up the city of Bangalore. Bangalore is to India what San Francisco is to the United States. Even before the supernova of start-ups, Bangalore or Bengaluru as it is now known by its native Kanada term, has always been the silicon valley of India.
Ranked as the number 1 millennial-friendly city in India and 18th in the Asia Pacific. Bangalore is home to 2 million IT professionals (almost 16% of the population) demographically 37% of the population is aged between 15-35. This coupled with a vibrant and diverse culture has helped the city provide a fertile ground for start-ups to germinate. It has a unique appeal to Western companies whose increased market pressure means the need for skilled developers without the eye-watering costs of labor.
Even before the IT revolution of the 2000s, Bangalore has always aligned itself with progress. This caused manufacturing giants like The Hindustan Aeronautics, The National Aerospace Laboratories, Bharat Heavy Electronics, Indian Telephone Industries, and Bharat Earth Movers to have headquarters based in the Karnataka capital due to the concentration of technical and scientific manpower in the city.
India went through a sort of silent digital enlightenment in the last decade with an increasing number of people coming online every day which caused a shift in India’s position in the global digital narrative. This coupled with the millennial generation being exponentially less risk-averse to their predecessors has contributed to bringing about this change. A graduate no longer dreams of a cushy, safe job at a FAANG corporation rather dreams now revolve around founding the next unicorn. As of 2019, Bangalore is the home to 14 Unicorns and the city has no plans of slowing down.
It’s very difficult to study an economy in isolation. It is affected by multi-faceted factors very few of which are in the reins of financial institutions. The new and entrepreneurial spirit of the city is bolstered by various government initiatives. The impact of the 2016 Demonetisation drive, the success in eliminating black and counterfeit money remains debatable. But what is beyond reproach is its impact on the fintech industry. With a scarcity of traditional means of remuneration, the country was dragged by its neck into adopting alternate means for transactions. The rise in the ranks of online payment portals made a lasting impact on the nascent fintech corps.
Although Mumbai remains the financial hub of the country, the fintech industry has found its home in Bangalore. With 438 fintech startups in the city already, the number is only set to surge. Just in 2018, fintech startups raised $2.34bn across 145 deals according to a report prepared by Your Story. Companies like Paytm, MobiKwik, Lendingkart Technologies, and Policybazaar started increasingly scaling in the Bangalore ecosystem.
Between VCs, Angel Investors, and Unicorns, the human story falls through the crack. It is people, after all, who through their dedication, passion and skill have brought about this progress. Although Bangalore boasts of 2 million techies, there are no stats on the quality that these IT professionals bring to the table. To paraphrase the old tag line of Monster.com, ‘what is the point of choices if they don’t work for you.’ Without proper Human Resource Management, the expansion and upscaling of an organization can face several road blocks due to nothing more than incompetency. India has no paucity of talent and skill. But reaching the said talent needs special experience and attention.
Posterity Consulting being an HR Services and Consulting Firm is uniquely equipped to fill this vacuum. Our services include Recruitment, Staffing, Leadership Search, Contingency Search, RPO, Transaction & Advisory – SME, Diversity and Inclusion, and Talent centric research. Posterity excels in several verticals- BFSI, IT, Defence, and Public Sector to name a few. We are pioneers in HR Service and Consulting and being an Indian company we understand and appreciate the dynamics and nuances of a diverse country like India and are well disposed to handle the Staffing and recruitment requirements of Indian Corporates as well as International Establishments. Our reputation and credentials are built on the word of mouth of clients. Therefore, we strive to abide by our core values in all our dealings.