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Business News/ Companies / News/  Many Gurugram tech firms keen to set up shops in London: Report
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Many Gurugram tech firms keen to set up shops in London: Report

Gurugram-based tech firms interested in setting up in London due to venture capital funding and global demand.

Gurugram tech firms eye London for expansion due to funding and global demand. Premium
Gurugram tech firms eye London for expansion due to funding and global demand.

Many Gurugram-based technology companies are keen to set up shops in London, said a senior official in the office of the Deputy Mayor of London for Business, adding that the reasons behind it vary from the availability of venture capital funding to global demand and talent. 

London and Partners is the UK capital's trade and business growth agency operating under the aegis of the Mayor of London, according to a report published by the news agency PTI. 

Speaking on the sidelines of the B20 Summit, London and Partners Country Director for India and senior leadership team member Hemin Bharucha acknowledged that funding for startups is not as readily available as before. 

He said that his firm works with MSMEs (micro, small, and medium enterprises) because big companies either already have a presence in London, or they can afford a big consulting firm. 

"We see Gurugram really coming up... in the EV, sustainability, and technology space. These are very big sectors...we are also seeing a little bit of creative companies in AR and VR. We don't tell every company to come to London because if they are not ready, then they will go there...and fail. It's a problem for them and us also," Bharucha told PTI. 

He added that most MSMEs set up their first international office in London unless they have a strong connection in the United States, owing to similarities in the tax and legal system, and the language of business being the same. 

"So companies initially set up with five to ten people, but scale up to 100, 200, 300 people very quickly because the revenue is coming... number one customer, number two is global VC funding," he added as quoted by PTI. 

The UK narrowly avoided falling into recession last year as February statistics revealed a flat output in the last few months of 2022. The UK government had warned that the economy was not out of the woods in the present year.


(With PTI inputs)

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Updated: 25 Aug 2023, 12:11 PM IST
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