THE “bullish drive and optimism” of entrepreneurs has led to record investment in the UK technology sector, according to leading businessmen.
Tech firms have attracted over $11.1 billion (£8.6bn) so far in 2019, with the UK ahead of Germany on $5.4bn (£4.1bn) and France ($4.8bn/£3.6bn).
It is also more than double the $5.2bn (£3.9bn) that UK companies raised in 2016, the annual State of European Tech report from venture fund Atomico found.
Tech ‘unicorns’ in the UK – or start-ups worth more than £1bn – include Oak North Bank, which is headed by Rishi Khosla; digital bank Monzo; and food delivery service Deliveroo.
OakNorth Holdings secured investment from SoftBank and Clermont in February, which Khosla said would enable them to “continue scaling the group’s operations globally”.
Jaffer Kapasi OBE, from the East Midlands Chamber in Leicester, told Eastern Eye: “From a financial tech perspective, there is an irony in that political and economic uncertainty, as well as technological change and disruption, may well be leading businesses from all sectors to turn to ‘fin tech’ platforms to evolve and modernise their processes; thus creating extra demand and making the sector an attractive proposition to investors.
“Technology has traditionally been an area of strength for the East Midlands. It’s been interesting to see that despite (previous) Brexit uncertainty, businesses in Leicester and across the region have remained bullish with regards to the mid and longterm outlook.
“It is incredibly gratifying to see that in addition to domestic and European investors, British tech innovators are also attracting US and Asian investor attention and allocation.
“This is growing testament to the strength and depth of our entrepreneurial talent, coupled with the dynamic and deeply engaged ecosystem that has been established here in the UK.”
Britain is now the single largest source of billion-dollar, venture-capital backed tech companies from Europe with 29, followed by Germany and France.
There are an estimated 800 Indiabased companies operating in the UK, employing over 110,000 people.
Giants like Tata Consulting Services, which employ more than 11,000 UK staff across 30 locations, consultancy firm Infosys and IT company Wipro are already large investors in Britain.
Among the Indian firms now in Britain is taxi-hailing app Ola Cabs which opened an office in Wales, last year.
Oyo Rooms, a Delhi-based hotel-room booking service, opened a London office in April, while restaurant search and online delivery business Zomato already has a base in Britain.
Hotstar, a streaming TV service which shows the Indian Premier League (IPL) cricket tournament, has also rolled out its services in the UK.
Previous uncertainty over Brexit (before the general election last week), with the deadline for leaving the European Union set for January 31, 2020, is believed to have had a bigger impact on established firms building hardware or relying on manufacturing, rather than software and financial start-ups.
And research from Studio Graphene, a product design and app development company, found that 73 per cent of tech start-ups in the UK were confident of their growth prospects over the coming 12 months.
Ritam Gandhi, founder and director of Studio Graphene, told Eastern Eye: “This bullish entrepreneurial optimism and drive is what evidently continues to attract huge levels of investment into the UK tech sector.
“Not only is this something to celebrate and embrace, but it is also something we must protect in the aftermath of the general election, ensuring early stage tech businesses receive the support they need to expand at pace.
“Brexit might have dominated the news for over three years now, but it’s important to remember that as of yet, nothing has actually changed.
“The UK’s legislative and regulatory framework remains the same, and while some larger corporations have taken preemptive action to move offices or operations, the country’s tech start-ups have battled on regardless.”
Some of the data in Atomico’s report has highlighted a negative Brexit effect.
The number of venture capital deals in the UK reached 1,600 investments in 2015, compared to 1,130 last year and 1,300 so far in 2019.
However, separate research by the Department of Digital, Culture, Media and Sport in August found that UK tech companies secured a record £5.5bn in foreign investment in the first seven months of this year, more than the amount invested per capita in the US tech sector.
Vivek Patni, CEO of digital healthcare firm Lavanya Plus, revealed he had never considered moving the business to another country.
He said: “The infrastructure, support networks and ability to access investment, particularly in London, mean that it remains a great place to start and grow a business. And in my opinion, Brexit has not affected this.
“At Lavanya Plus, we’re currently seeking our next round of investment, so it’s reassuring to see statistics such as these, which underline that there is still significant appetite among investors to back exciting high-growth start-ups. Ultimately, there is a wealth of tech talent across the country, with fintech and our own health-tech sectors taking a lot of the limelight. We’re proud to be a part of it.”
Sukhi Wahiwala, a businessman and mentor for Forbes, believes new many financial tech companies have not been affected by Brexit because they have a global focus for customer sales.
He added: “It is not restricted to just the UK, it’s just that the stability of the UK banking system and investment structures are so great and so stable that it’s a good location for investors to be putting their money.
“Most of the companies that I have worked with in this sector have seen growth once they have received funds and proofed to the first stage of actually receiving the technology and delivering the product to the market.”
Meanwhile, Northern Ireland’s new financial tech envoy called for action earlier this month to help tackle the university brain drain. A third of university students have to go to England, Wales or Scotland because not enough places are available locally, Andrew Jenkins said.
He admitted that foreign direct investment had seen a surge after the signing of the 1998 Good Friday Agreement, but there remained a skills shortage.
Local companies have been urged to reach out globally for business and build connections on international trade missions to tackle the serious skills shortage.
Jenkins added: “There is no shortage of talent but we have a skills supply problem. Every year, around a third of our graduates leave Northern Ireland to go to England, Scotland, and Wales, so we are exporting talent on a yearly basis.”
Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.
The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.
One of the most anticipated interventions came from Dr Sudhir Ruparelia, Uganda’s richest businessman with an estimated fortune of $1.6 billion. Speaking of his family’s deep commitment to Uganda, Ruparelia said: “We’ve created thousands of jobs, benefiting millions of Ugandans. The real estate sector remains vibrant and agriculture presents countless opportunities. Hospitality and tourism are thriving – let’s seize the moment.”
Lord Dolar Popat, Member of the House of Lords and former UK Prime Minister’s Envoy to Africa, addressed Africa’s pivotal role amid shifting global trade realities. He urged closer Commonwealth ties, emphasising collaboration between Africa, the UK and India to strengthen trade resilience.
The summit also hosted influential voices from government and diplomacy:
Rt Hon Rebecca Kadaga, Uganda’s First Deputy Prime Minister and Minister for East African Community Affairs, set out East Africa’s integration agenda, focusing on accelerating AfCFTA adoption, removing non-tariff barriers and coordinating infrastructure to position the region as a competitive investment market.
Uganda featured prominently throughout the summit. Col Edith Nakalema highlighted the enabling investment climate under President Yoweri Kaguta Museveni, particularly through technology-driven efficiency in SHIPU’s operations to safeguard investors against cyber fraud.
UK–Africa business summit 2025
Dr Hillary Musoke Kisanja, Senior Presidential Advisor on Agribusiness and Value-Addition Development, unveiled Uganda’s roadmap to transform agriculture into a high-value, climate-resilient driver of growth.
HE Nimisha Madhvani, Uganda’s High Commissioner to the UK, joined other diplomats in a flagship session on trade, resilience and diplomacy, where participants examined how Africa can redefine its partnerships with the UK in an era of shifting alliances.
The Ugandan delegation also included Ruth Nankabirwa, Minister of Energy and Mineral Development; Gen David Muhoozi, Minister of State for Internal Affairs; Lt Gen Joseph Musanyufu, Permanent Secretary of the Internal Affairs Ministry; and Maj Gen Apollo Kasiita-Gowa, Director of Citizenship and Immigration Control.
UK–Africa business summit 2025
Faith and ethical entrepreneurship
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest. He urged delegates to embrace ethical entrepreneurship and align economic ambition with values of integrity and social good.
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest
A platform for resilience
Summit founder and chairman Willy Mutenza acknowledged the challenges posed by renewed US tariffs and shifting geopolitical alignments, but stressed Africa’s resilience, pointing to expanding markets, a youthful population and growing infrastructure as long-term opportunities for investors.
Prof Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, reinforced this vision with a presentation on Uganda’s sustained economic growth trajectory.
UK–Africa business summit 2025
Innovation and Africa’s future
The summit concluded with a high-level panel on digital trade, e-mobility, AI and climate-resilient investment. Industry leaders highlighted Africa’s emerging innovation-led growth model, from Kenya’s fintech ecosystems to Uganda’s science-based industrial strategy. The session underscored the importance of digital sovereignty, blended finance and ESG-aligned investment to unlock inclusive economic growth.
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Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.
INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.
India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.
Trump has sought to increase pressure on Moscow over the war in Ukraine. The move has added to tensions between Washington and New Delhi.
Both governments, however, have said they remain committed to talks.
Commerce ministry official Rajesh Agarwal said on Monday that officials would meet in person on Tuesday for discussions, The Indian Express reported.
According to broadcaster NDTV, Brendan Lynch, assistant trade representative for South and Central Asia, will be part of the US delegation. The report said the discussions would be a “precursor” to a later full round of negotiations.
The talks come a week after Trump said discussions would continue between the two sides to address trade barriers.
“I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!,” Trump posted on Truth Social last week, without providing details.
Indian prime minister Narendra Modi responded by calling India and the United States “close friends and natural partners” and said teams from both sides were working to conclude discussions “at the earliest”.
(With inputs from agencies)
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Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)
INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.
He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.
“Discussions have been going on in a positive atmosphere with seriousness since March. It is progressing, and both the countries are satisfied with the progress,” Goyal told reporters. On Wednesday, he had also said that India is in “active dialogue” with the United States.
Trump this week said there would be “no difficulty” for the two countries to reach a successful conclusion and that he looked forward to speaking with his “very good friend” Modi in the coming weeks. In a post on Truth Social, he wrote he was “pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.”
Modi responded on X, welcoming Trump’s statement and expressing confidence that the negotiations would help unlock the potential of the partnership. He said India and the US are close friends and natural partners and are working to conclude the discussions at the earliest.
The two countries have completed five rounds of negotiations since March. The sixth round, scheduled to take place in India last month, was deferred after Washington imposed an additional 25 per cent tariff on Indian goods over purchases of Russian crude oil.
The aim of the pact is to more than double bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 bn. Trade ties have been strained due to tariffs, with the US imposing a 50 per cent import duty on Indian goods from August 27. The move has hit exports from labour-intensive sectors such as shrimp, textiles, leather and footwear. India has described the tariffs as unfair, unjustified and unreasonable.
Talks have also been delayed over US demands for greater access in sensitive sectors such as agriculture and dairy. India has said repeatedly that it will not compromise the interests of small and marginal farmers and cattle rearers.
The US is India’s largest trading partner. In 2024-25, bilateral trade in goods was USD 131.8 bn, with India’s exports at USD 86.5 bn and imports at USD 45.3 bn. The US is also the third-largest investor in India, with foreign direct investment of USD 76.26 bn between April 2000 and June 2025, accounting for 10 per cent of India’s total FDI inflows.
On protests in Nepal, Goyal said the Indian government is monitoring the situation and working to bring back Indian citizens stranded there. He added that the Indian mission in Nepal is ready to provide support and expressed hope for normalcy to return soon.
(With inputs from agencies)
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At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)
INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.
At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.
Bhatt was born in 1984 in Poquoson, Virginia, to immigrant parents from Gujarat, India. His father, an aerospace engineer, worked at NASA. He grew up in a household where English was a second language and money was limited. He later attended Stanford University, where he studied physics and earned a master’s degree in mathematics.
In 2013, Bhatt co-founded Robinhood with Vlad Tenev, a fellow Stanford graduate. The platform introduced commission-free stock trading to retail investors in the United States and later expanded into retirement accounts and high-yield savings products. The company gained widespread attention during the Covid-19 pandemic, when trading activity surged around so-called meme stocks.
Robinhood went public in 2021 at the height of the retail investing boom. Bhatt served as co-CEO with Tenev until 2020, when he moved into the role of chief creative officer. In 2024, he stepped down from his executive position but continues to serve on Robinhood’s board of directors while retaining his 6 per cent stake.
Robinhood’s stock has seen significant gains over the past year, rising by about 400 per cent. The increase has been linked to a boost in cryptocurrency-related sales, new products such as individual retirement accounts and high-yield savings, and a strong performance in 2024, when the company reported USD 3 billion (£2.2 billion) in revenue.
Bhatt’s recognition in the Forbes 400 list underscores the continuing influence of technology entrepreneurs in the American financial sector. His career reflects the trajectory of several Indian-origin leaders in the United States, who have made a mark in technology and finance in recent years.
Forbes’ annual ranking of the 400 wealthiest Americans is based on estimates of net worth, which include publicly disclosed stakes in companies, real estate holdings, and other assets. Bhatt joins the ranks of young billionaires who have built fortunes through technology-driven ventures.
In addition to his role with Robinhood, Bhatt has been noted for his early life influences. Growing up in Virginia, he was exposed to science and technology through his father’s aerospace career. His academic path at Stanford provided the foundation to pursue entrepreneurial opportunities in financial technology.
Robinhood, under the leadership of Bhatt and Tenev, has changed how millions of Americans approach investing by lowering barriers to entry. While Bhatt is no longer in an executive role, his continued stake in the company keeps him closely tied to its growth and future direction.
Bhatt’s inclusion in the 2025 Forbes 400 as one of the youngest billionaires highlights his role in shaping retail investing and signals the growing presence of Indian-origin entrepreneurs in the US technology and finance industries.
(With agency inputs)
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The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.
The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.
The government has faced two major setbacks this week. Deputy prime minister Angela Rayner resigned over failing to pay a property tax, and on Thursday, Starmer dismissed Peter Mandelson as ambassador to Washington after new disclosures about his ties with sex offender Jeffrey Epstein.
While the July GDP figure matched market expectations, limiting the effect on the pound, the government admitted challenges in lifting growth.
"We know there's more to do to boost growth, because, whilst our economy isn't broken, it does feel stuck," a Treasury spokesperson said, as Labour prepared for its budget announcement in late November.
The data showed a 1.3 per cent fall in production, offsetting gains in services and construction.
"The stagnation in real GDP in July shows that the economy is still struggling to gain decent momentum in the face of the drag from previous hikes in taxes and possible further tax rises to come in the budget," said Paul Dales, chief UK economist at Capital Economics.
Chancellor Rachel Reeves said last week that she would maintain a "tight grip" on public spending, setting November 26 for her budget speech.
The UK economy has faced weak growth since Reeves raised taxes and reduced public spending after Labour’s election win in July last year.
Separate ONS data on Friday showed exports of goods to the United States rose in July but stayed below levels seen before US president Donald Trump’s tariff measures.
Exports to the US increased by £800 million after London and Washington reached a trade deal that eased some tariffs, particularly on UK-made vehicles.
Trump will visit the UK next week for a state visit that includes talks with Starmer and a banquet hosted by King Charles.