Bengaluru is losing its position on the global startup map.

India’s Silicon Valley is now ranked 20th in a global startup ecosystem ranking done by American research firm Startup Genome, down five positions from 2015.

The ranking is based on factors such as performance (including exits, valuations, early-stage and growth-stage success), funding, talent, market reach, and overall experience.

To prepare the report, Startup Genome used data from Crunchbase, Dealroom, Orb Intelligence, and the Global Entrepreneurship Network and interviewed experts from 25 countries. It examined which ecosystems early-stage startups have the best chance of building global success in.

However, Bengaluru is the only one from India to figure on the list, while Delhi’s startup ecosystem was considered a “runner up.”

While Bengaluru startups command steep valuations, the report said, the ecosystem lags in giving investors an exit route.

“This indicates that Bangalore either has a bright future as these startups mature or there’s trouble at the top of the market with acquisitions,” the report said. Startups in Bengaluru have created strong ties with ecosystems in other countries, though they do struggle to woo foreign customers.

In terms of talent, Bengaluru “has challenges with access and quality of talent, but the bang for the buck is still hard to beat as (Bengaluru’s) engineers are the most cost-efficient among the global top 20 countries,” the report said.

“The city is a magnet for Indian talent, with millions migrating to the city for work, many of them highly-skilled tech workers. In fact, Bangalore has, on average, the youngest tech workers among all startup ecosystems. This influx of youthful talent has helped drive the startup surge.”

This article first appeared on Quartz.