TechHub, a UK-based incubator that provides workspaces for technology entrepreneurs to meet and work with like-minded individuals, opened its first office in Bangalore in July, to facilitate opportunities in India’s technology industry, which it estimates to be worth $100bn.

Although India’s technology industry already contributes $30bn to the economy, consultancy firm McKinsey estimated that internet penetration remains low as just 10% of the country’s population has online access. According to TechHub, India’s technology product industry remains largely untapped, yet it holds significant investment opportunities for European companies keen to expand in the region.

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The new incubator, TechHub Bangalore, will enable entrepreneurs to access India’s technology industry, which by next year will attract 360 million web users, according to TechHub estimates.

With workspaces established across three UK cities, including its headquarters in London, and other workspaces in Riga and Bucharest, the opening of a new incubator in India will form part of TechHub’s wider efforts to develop interconnected global networks and working environments for start-up entrepreneurs.

“Having TechHub in Bangalore would bring greater excitement to a very charged start-up ecosystem and [it would] create a seamless flow between start-ups [in] London and Bangalore,” said Mohandas Pai, a former chief financial officer of Indian multinational Infosys and the first member of TechHub’s Bangalore office.

Founded in 2010 as a creative workspace for start-up entrepreneurs to collaborate and develop supportive networks, TechHub offers members flexible incubator facilities, events, workshops, advice sessions, networks and press opportunities.

Initially developed in the UK through partnerships with Google for Entrepreneurs, map provider Ordnance Survey and Barclays bank, the incubator encourages members to raise finance for technology-based ventures. Its latest expansion in India will be in partnership with the UK India Business Council, as well as local Indian companies.

While TechHub’s new Indian office will work to help connect European and Indian firms primarily in Bangalore, it will also help companies tap into local and innovative Indian talent. With Bangalore alone expected to have more than 80,000 computer science graduates next year, Elizabeth Varley, the co-founder and chief executive of TechHub, maintained that India will be a key source of innovation in research and development.

“If you’re not taking advantage of the Indian market, then you are missing out on one of the largest emerging technology markets in the world and the incredible R&D experience and innovation that it affords,” explained Ms Varley. “Every company should have a position on India.”