India’s financial capital, Mumbai is a key hub in the Indian startup ecosystem and is home to more than 1K Indian startups.

The city is the home turf of 17 unicorns and 27 startup soonicorns. It is also home to listed new-age tech companies, including CarTrade, Nykaa, and MobiKwik, among others.

In 2024, Bengaluru lost its top spot to Mumbai after years of dominance, largely due to Zepto’s $1.3 Bn fundraise in the quick commerce space.

As per data compiled by Inc42, Mumbai saw over 154% YoY growth in startup funding in 2024. Mumbai’s startup funding reached $3.7 Bn in 2024, a significant increase from $1.5 Bn raised a year ago. The startups based in Mumbai have raised over $22.32 Bn across nearly 2K deals between 2014 and 2024.

Notably, Mumbai offers unparalleled access to funding, as venture capitalists, angel investors, and private equity firms are heavily concentrated in the city.

Besides, Mumbai’s established business ecosystem fosters a strong network of mentors, industry leaders, and experienced entrepreneurs.

Not just this, the Maharashtra government actively supports the startup ecosystem through initiatives like incubation centres, funding programmes, and policy reforms.