Mumbai Based Startups: Entrepreneurs & Startups in Mumbai
‘Mumbai’- the financial epicentre of India. Mumbai emerges as a favourable destination among startups. The fiscal incentive, incubation centres, innovative fundraising mechanism, tax-conducive ecosystem, and new-age technology make Mumbai a polestar for the startup universe.
Mumbai’s economy is driven by equal business opportunities and rich consumer heterogeneity.
Mumbai provides cutting-edge opportunities for startup networks to broaden its horizon.
The true spirit of startup culture is fuelled by the idea of entrepreneurship to stand out as a ‘job creator’ and not just mere ‘job seekers. Mumbai is an ideal destination to flourish in the co-existence of billionaires & startup hubs, redefining its business scape. Mumbai, the city of dreams, is slowly becoming a land of innovation, where hopefuls thrive on the will to go global displayed by entrepreneurs.
The Government of India’s structural reforms and progressive policies aim to grow the startup community’s growth aligned with a dream of shaping up New India. To achieve the vision of Atmanirbhar Bharat, the Startup community will play a catalyst role in performing, reforming, and transforming India’s economic growth outlook.
The recent spike in unicorns speaks volumes about the vibrancy of India’s startup environment. The government and the industry take cognisance of the country’s potential to spark new ideas, nurture entrepreneurs, create employment, and park in global investments.
Today, startups play a distinctive role in strengthening the backbone of India Inc. In the age of globalisation, new educational pedagogies will help to curate and expand its reach in entrepreneurial endeavours, making way for young minds to excel.
Mumbai is the perfect starting point for businesspeople who thrive in both formal and informal economic environments. Mumbai portends well for the emerging youth’s ability to Create, Collaborate, and Communicate, strengthening their strong foundation for entrepreneurial endeavours. Mumbai should assume the top spot as India’s new startup capital.
What Makes Mumbai The Best City To Start A Startup?
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The Geographical Badge :
Mumbai is not only the state capital but stands tall as the country’s entertainment, commercial and financial capital. This gives entrepreneurs access to a vast number of allied services they might need to grow their startups and potential customers in their own city!!
Mumbai houses many modes of transportation which make commuting easy – Rickshaws, Buses, Taxis, private Cab Services and the very famous – the local trains.
For businesses based in Mumbai, having a port nearby makes receiving and delivering foreign shipments considerably simpler.
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Abundant Talent Pool :
Mumbai houses all bands of talent, from young blood who just graduated from colleges to peak-in-their-career CXOs, Headhunters, MDs and top-notch Investors.
The academic institutions in Mumbai are world-class in every academic field, including theatre/drama, architecture, medicine, the arts, fashion, law, and, of course, engineering and technology.
With a vast talent pool, vibrant culture and a place known to reward ambitious minds, Mumbai is the place for anyone trying to make a mark in the world. Such access to talent, culture and mindset is hugely beneficial for startups who need people with high skill, ambitions and a go-getter attitude. And Mumbai is the right place for the best-talented workforce.
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Safety for Female Workforce :
Compared to other metropolitans, in Mumbai, the safety and security of the female workforce are taken care of, and this allows the women to work late hours whenever demanded!!
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Cultural Diversity :
Mumbai has proved a beneficial and flourishing home to many migrants with dreams, irrespective of the discrimination.
A large variety of cultures sustaining in Mumbai continuously provides newer scope and avenues to explore for the rising entrepreneurs.
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Home to giant corporations and Networking Opportunities:
The Bombay Stock Exchange (BSE), the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), Reliance Industries, Tatas, and Birlas are just a few of the large corporations and networking opportunities situated in Mumbai.
Mumbai is the home of everything mentioned above and much more. As a result, the startup founders are exposed to networking possibilities and receive ongoing, varied feedback on their business.
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The Powai Valley and IIT-B :
The Powai Valley in Mumbai is presently a hub for entrepreneurs, housing more than 50 companies and fostering new business endeavours every day.
For most of these PowaiValley startups, the co-founders belong to the world-famous – IIT-Bombay. The talent inflow is ever-increasing, and your venture is poised handsomely on the stairway to success with the IIT edge.
Mumbai-Based Startups:
List of Startups in Mumbai
1. BOOKMYSHOW
Founders: Ashish Hemrajani, Parikshit Dar & Rajesh Balpande
Year Founded: 1999
Industry: Ticket Booking
Funding: $224.5 Million
The largest online entertainment ticketing brand in India is BookMyShow. Tickets for movies and performances can be simply purchased on their website. Additionally, BookMyShow has assisted lesser-known theatres and their performers in attracting patrons. The business offers theatres ticket management software. Additionally, the business advertises movies and television shows on its website, bring in a lot of money for them.
Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande launched BookMyShow. They started out in a modest room in Mumbai in 1999, and now they have a global presence. Seven businesses, including MastiTickets, Townscript, Burrp, and Nfusion, were purchased by BookMyShow.
2. OLA
Founders: Bhavish Agarwal & Ankit Bhatia
Year Founded: 2010
Industry: Taxi Aggregator
Funding: $4.3 Billion
Ola is a taxi aggregator that connects commuters and cab drivers. Ola partners with many taxi drivers and business owners but owns no vehicles. The food startup “Foodpanda” is owned by the corporation. Ola was founded in Mumbai and is now located in Bangalore. ANI Technologies Pvt owns it. Ltd. Ola has been steadily increasing the services it provides. Ola has an e-wallet of its own, dubbed Olamoney, which makes it simple for users to pay for rides.
Bhavish Agarwal and Ankit Bhatia established the firm in 2010.
3. Cleartrip
Founders: Stuart Crighton, Hrush Bhatt & Matthew Spacie
Year Founded: 2006
Industry: Travel booking
Funding: $56.4 Million
Cleartrip is a website for booking travel. Travellers can use it to book anything, including hotels and flights. The firm was founded in Mumbai but now has offices in Dubai, Bangalore, and Gurgaon. B2B services like “Cleartrip for Business” are offered by Cleartrip in addition to B2C services. An instrument for managing business travel. Another B2B tool for travel agencies is AgentBox.
In 2006, Stuart Crighton, Matthew Spacie, and Hrush Bhatt founded Cleartrip. Concur Technologies Inc., DAG Ventures, and Gund Investment Corporation have contributed a total of $56.4 million to its fundraising.
4. Jio Saavn
Founders: Rishi Malhotra, Vinodh Bhat, & Paramdeep Singh
Year Founded: 2007
Industry: Music Streaming
Funding: $131.6 Million
Songs are available on the freemium Saavn music streaming service in Hindi, English, and other regional languages. It has a freemium business model. Ads and some restrictions are present in the free version, but there are many more features and better streaming quality in the subscription version. Over 50 million tracks are under the company’s exclusive control. Later, Jio paid over $1 billion to purchase Saavn, which became JioSaavn.
In 2006, Rishi Malhotra, Vinodh Bhat, and Paramdeep Singh created the company under the name “BODVOD Network.” Saavn had raised $110 million in total before being acquired.
5. Chillr
Founders: Mohamed Galib, Sony Joy, Lishoy Bhaskaran & Anoop Sankar
Year Founded: 2013
Industry: Fintech
Funding: $7.5 million
Chillr’s software enables real-time financial transactions that go straight to the user’s bank account. However, Chillr has nothing new to contribute now that the UPI system has been introduced. But because Chillr has been operating a sort of “UPI” system since 2013, they have several Banks as partners.
It is a brand that Backwater Technologies Pvt Ltd manages and controls. In 2014, Chillr was founded by Mohamed Galib, Sony Joy, Lishoy Bhaskaran, and Anoop Sankar.
6. PepperFry
Founders: Ashish Shah
Year Founded: 2011
Industry: Furniture
Funding: $245.3 Million
Pepperfry was founded with the idea to make furniture shopping online convenient for married couples who aim to start their life afresh with a new home. The business sells furniture and home furnishings.
Pepperfry, which was established in 2011, is up against stiff opposition from FabFurnish and Urbanladder. The founder and CEO of PepperFry, Ashish Shah, is a Pune University alumnus. He eventually completed a diploma programme in Ghaziabad and has worked in the industry for 15 years.
7. Toppr
Founders: Hemanth Goteti and Zishaan Hayath
Year Founded: 2013
Industry: E-Learning
Funding: $112.1 Million
Toppr is an e-learning app that uses interactive content to make studies fun. It provides study materials to students in grades 5 through 12 and those taking entrance tests and scholarship exams.
Hemanth Goteti and Zishaan Hayath, IIT Bombay alums, created the ed-tech firm. A total of $65.1 million has been raised for Toppr, mostly from Milestone Trustee Services and Alteria Capital.
8. Nykaa
Founder: Falguni Nayar
Year Founded: 2012
Industry: Beauty Products
Funding: $341.9 Million
On the list of successful entrepreneurs in Mumbai, Nykaa is at the top. A wide variety of top brands, including Lakmé, Kaya Skin Clinic, L’Oréal Paris, M.A.C., Bobbi Brown, Clinique, Estee Lauder, and many more, are represented on this e-commerce site, which sells beauty and wellness items. Nykaa uses the inventory-led model. It has inventory locations in Bengaluru, Mumbai, and Delhi.
In 2012, Falguni Nayar, a former managing director of Kotak Mahindra Capital Company, launched Nykaa. 35 stores make up Nykaa. In 2017, Nykaa debuted its line of in-house cosmetics.
9. Faasos
Founders: Jaydeep Barman and Kallol Banerjee
Year Founded: 2011
Industry: Food Delivery
Faasos is a “food on demand” service. You can order the treats of your choice through its app or website. Faasos has 200+ sites and operates in more than 15 Indian cities. In the event of delayed delivery, the company offers to give a refund of up to INR 200. It shows Faasos’s devotion to providing consumers with the finest service possible.
Jaydeep Barman and Kallol Banerjee established Faasos in 2011. This startup from Mumbai has secured $60 million in funding. In India, Faasos is expanding thanks to social media influencers quickly.
10. GrabHouse
Founders: Prateek Shukla & Pankhuri Shrivastava
Year Founded: 2013
Industry: Real Estate
Funding: $13 Million
Due to expanding economic prospects, people are relocating from small towns and neighbourhoods to big cities. People need accommodations for this. When a person wants to live in the city to work or study, GrabHouse can help them rent an apartment, locate a PG, and find a house. GrabHouse stood out since they provide fully furnished individual or shared homes for just a two-month security deposit. This is what drew everyone to the business.
In 2013, Prateek Shukla and Pankhuri Shrivastava launched the company. For $10 million, GrabHouse was bought by Quikr in 2016 and relaunched as QuikrHome. Users are now sent to Quikr’s website from GrabHouse’s website.
11. HOUSING
Founders: Rahul Yadav + 11
Year Founded: 2012
Industry: Real Estate
Funding: $147.8 Million
A marketplace platform called Housing provides interactive maps that let users explore the real estate market in depth. The website has a vast selection of real estate, and users can get in touch with the owner to close a deal. The organisation, which was founded in 2012, states that it has more than 6,000 brokers and 1500 staff spread throughout 45 locations.
Along with his group of 11 co-founders, Rahul Yadav is the brains behind Housing.com. For $1.2 million, the startup bought Indian Real Estate Forum in 2015. They paid $2 million to buy HomeBuy360 in the same year. Later, housing and PropTiger combined.
12. Weddingz
Founders: Sandeep Lodha
Year Founded: 2015
Industry: Wedding
Funding: Acquired
India is the world’s largest destination for wedding marketing. Given this reality, Weddingz was created to simplify selecting a wedding venue online. The soon-to-wed couples can swiftly and easily reserve a location, lodging, and other wedding-related products online.
Sandeep Lodha founded the website Weddingz.in. Sandeep is an IIT-Delhi and Wharton Business School alum. OYO bought the startup in 2018. In a cash-and-stock transaction, OYO acquired all of the shares of Weddingz.
13. ImpactGuru
Founders: Piyush Jain & Khushboo Jain
Year Founded: 2014
Industry: Crowdfunding
Funding: $4.5 million
ImpactGuru provides comprehensive crowdfunding solutions to help people, NGOs, and social entrepreneurs to fundraise for anything from personal needs to social causes to urgent medical expenses. It is the first crowdfunding platform in India to release a smartphone app for users that includes a story builder assisted by AI. With ImpactGuru, over 20,000 patients have benefited from 2 lac contributors. More than Rs. 150 crores ($20 million) has been raised across 15 nations on this internet platform.
Piyush Jain and Khushboo Jain created the company. Total funds raised by investors for ImpactGuru are $2.5 million.
14. Guiddoo
Founders: Vineet Budki, Nidhi Varma, Prashant Choudharya & Biswajeet Karmakar
Year Founded: 2014
Industry: Travel guide
Funding: $1.1 million
A platform for finding and reserving in-destination activities is called Guiddoo. An audio tutorial was used to launch it at first.
Later, it evolved into an app that shifted to booking tours and activities. The app facilitates the discovery and reservation of on-site activities in 15 different countries for travellers.
Vineet Budki, Nidhi Varma, Prashant Choudharya, and Biswajeet Karmakar started this startup with offices in Mumbai. They have raised $1.1 million in investment to expand their services in other nations.
15. BAJAAO
Founders: Ashutosh Pandey
Year Founded: 2005
Industry: ECommerce
Funding: Bootstrapped
Bajaao is a Mumbai-based e-commerce startup that sells musical instruments and other equipment online. The business offers musical instrument maintenance.
Ashutosh Pandey launched the company in 2005. Aashutosh is a music enthusiast who wants to share his love with others. He, therefore, began his own business by selling instruments to aspiring musicians and others who wanted to do it as a pastime.
16. Ithaka
Founders: Rahul Singh & Mithilesh Said
Year Founded: 2015
Industry: Travel
Funding: $325k
Ithaka is a chat-based trip planning software that includes Thailand, Bali, Europe, the United Arab Emirates, Singapore, Malaysia, and Turkey as destinations. The company originally debuted as a website for on-site booking activities but later changed its focus to travel preparation.
This free travel planning tool is for those who prefer to create their own travel arrangements rather than purchasing a pre-packaged vacation.
Mithilesh Said and Rahul Singh founded Ithaka. Both founders enjoyed travelling and used their travels as inspiration for their firm. The company’s CEO is Rahul, while the CTO is Mithilesh.
17. PaisaDukan
Founders: Rajiv M Ranjan & Neeta Ranjan
Year Founded: 2018
Industry: Peer to Peer Platform for Lending
Funding: $1.1 million
PaisaDukan is a Peer-to-Peer (P2P) lending platform.
Between investors and borrowers, PaisaDukan serves as an intermediary. The business acts as a digital marketplace to help borrowers meet their financial obligations, give investors a safer and wiser investment option, and promote financial inclusion.
At an interest rate as low as 12 per cent p.a., a creditworthy person can borrow money for many different things, including education, health care, marriage, small businesses, etc. And through another financial channel, an investor might extend a loan to borrowers at an interest rate reaching 24 per cent annually. Investors can select and fund borrowers depending on their risk tolerance level.
18. Heckyl Technologies
Founders: Mukesh Madras
Year Founded: 2010
Industry: Tech
Funding: $7.5 Million
Heckyl Technologies attempts to provide financial institutions and businesses with real-time analytical products that use structured and unstructured data. Heckyl offers the Risk Early Warning System (EWS) Software Platform to control credit risk. For organisations, it receives millions of data as input from which to provide outputs that assist the credit risk team in identifying prospective defaulters.
Mukesh Madras established Heckyl Technologies in 2010. Funding for the business has totalled $7.5 million.
19. Fruzzante’
Founders: Priyanka Save & Nagesh Pai
Year Founded: 2010
Industry: Wine
Funding: Bootstrapped
The only manufacturer of an alcoholic beverage with a cider-like flavour made from Sapodilla (chikoo) extracts is Fruzzante’.
Fruzzante’ is the only business in the wine industry that makes commercially available fruit-based (non-grape) bottled products. Being both gluten-free and vegan makes it a healthier option. The brand produces wines with several flavours, including spice garden, mango, and pineapple.
Priyanka Save and Nagesh Pai launched the company in 2010.
20. Tsara
Founders: Tarun Jagwani and Natasha Jagwani
Year Founded: 2012
Industry: Jewellery
Funding: Bootstrapped
Jewellery design and production are done by Tsara. Tsara focuses primarily on destination jewellery. The business provides four jewellery lines to match different occasions and events and releases a new collection every few months.
The pair, Tarun and Natasha Jagwani, created the business. This concept was inspired by Natasha losing some priceless jewellery in the past. The pair then understood the importance of destination jewellery.
21. SpiceTree Design Agency
Founders: Shiraz Khan
Year Founded: 2004
Industry: Digital Marketing
Funding: Bootstrapped
A digital marketing company that offers services across the board is SpiceTree Design Agency. Web design, print, social media design, SEO, SMO, retargeting, and other services are just a few of what it offers.
Shiraz Khan started the SpiceTree Design Agency in 2004. The company was founded with Shiraz’s Rs. 100,000 in savings.
22. TAC Security
Founders: Trishneet Arora
Year Founded: 2013
Industry: Cyber Security
Funding: $1.5 Million
TAC Security provides cyber-security solutions to foresee, resolve, and reduce cybersecurity risks and obstacles. The Mumbai-based business offers network, application, and web security solutions to corporations, banks, startups, governments, and law enforcement organisations.
At the age of 19, Trishneet Arora created TAC Security Solutions. Since he was a young boy, Trishneet has had a strong affinity for technology, video games, and computers. He is one of India’s most recent ethical cyber security experts. Reliance Industries Limited, Gujarat Police, Punjab Police, AMUL, Avon Cycles, RALSON, and the Central Bureau of Investigation (CBI), among others, are among its current clientele. Vijat Kedia, MD of Kedia Securities, provided $500k in funding to TAC Security.
23. Monk Entertainment
Founders: Ranveer Allahbadia & Viraj Seth
Year Founded: 2017
Industry: Digital Marketing
Funding: Bootstrapped
A digital marketing business called Monk Entertainment, sometimes known as Monk-E, controls influencers’ marketing. Additionally, brands relate to them, and the business identifies the best influencers for each brand. Additionally, they produce videos for influencers and brands.
Ranveer Allahbadia, a well-known YouTuber, co-founded the business. He runs the “Beerbiceps” YouTube channel with the assistance of his pals. He came up with the concept to support other like influencers along with his co-founder Viraj Seth. The startup was established in 2017 and is bootstrapped.
24. LabelBlind
Founders: Rashida Vapiwala
Year Founded: 2018
Industry: Health Tech
Funding: Bootstrapped
A website called LabelBlind gives out knowledge regarding the nutritional content of food items. The platform’s aim goal is to educate the public about nutrition. The platform assesses and reviews food goods so that users can select better eating options for themselves after weighing the pros and cons of many foods.
In the year 2018, experienced nutritionist Rashida Vapiwala established the business. Since its inception, this startup has been bootstrapped. Consumers can choose from over 8000 packaged food label reviews and ratings on this website.
25. CoinDCX
Founders: Neeraj Khandelwal and Sumit Gupta
Year Founded: 2018
Industry: Cryptocurrency
Funding: $109 Million
A company called CoinDCX provides financial services relating to cryptocurrencies. It is a network for trading cryptocurrencies that guarantees users a speedy, risk-free, and simple trading experience. It is said to be the biggest and safest legal cryptocurrency exchange platform where it can purchase and sell different kinds of cryptocurrencies.
When Neeraj Khandelwal and Sumit Gupta, two IIT Bombay graduates, noticed that Bitcoin had garnered a lot of traction globally, they decided to give the cryptocurrency sector a go. They both agreed to employ blockchain technology to address financial problems, and it has now secured funds totalling $109 Million.
26. MailIt
Founders: Mahesh Shirodkar
Year Founded: 1987
Industry: Mailroom Management
Funding: Bootstrapped
MailIt is a business that specialises in dispatch aggregation, works on shipping different kinds of parcels, and offers many mailroom management services. In addition, they provide services for sending large packages and documents both domestically and abroad.
Mahesh Shirodkar founded it in the year 1987. Ratan Tata recently provided funding to the company for the year 2021, but the amount was not made public. The corporate headquarters are in Mumbai, India. Many prestigious corporations use MailIt’s services.
27. Cube Wealth
Founders: Satyen Kothari
Year Founded: 2016
Industry: Fintech
Funding: $500000
With the use of automated wealth technologies, anyone can invest easily, thanks to Cube Wealth. All of them are carried out with the assistance of a reputable investment manager. One can use this programme to handle all of their investments without encountering any difficulties.
Satyen Kothari, the creator of Citrus Pay and one of the most successful individuals in India’s fintech sector, created Cube Wealth in 2016. He serves as CEO of Cube Wealth.
28. ePayLater
Founders: Akshat Saxena, Aurko Bhattacharya and Uday Somayajula
Year Founded: 2015
Industry: Fintech
Funding: $180 Million
ePayLater provides people with an option to buy now and pay later, like a credit card card from online portals. Essentially, it’s a website that provides an instant credit limit, allowing users to instantly purchase anything they want with a single click and pay for it later.
ePay Later was founded in 2015 and is using its technologies to simplify the consumer experience. Pravega Ventures just helped the business raised $2.5 Million in February 2021.
29. Dream11
Founders: Harsh Jain and Bhavit Sheth
Year Founded: 2008
Industry: Fantasy Gaming
Funding: $1.62 Billion
With the help application Dream11, users may create fictitious teams and play games with them. Players can win money if they perform well in the actual matches. Cricket, football, kabaddi, and basketball can all be played here.
With more than 140 million users, Dream11 is the biggest sports gaming platform in India. The sports gaming platform was
established in 2008 by two avid sports fans, Harsh Jain and Bhavit Seth. The business has teamed up with well-known Tiktok sensation Khaby Lame for their new campaign, #Dream11PeDimaagLagaNa.
30. Acko
Founders: Varun Dua and Ruchi Deepak
Year Founded: 2016
Industry: Insurance
Funding: $458 Million
Private insurance provider Acko provides its customers with insurance services, goods, and commissions in India. Everything that is done on this digital platform is done so online. India has become the first country in the world to offer digital services.
Varun Dua and Ruchi Deepak started Acko in 2016, and the business has received funding from Catamaran Ventures, Accel Partners, and SAIF Partners. The insurance company’s headquarters are in Mumbai, India, and Varun Dua is the current CEO.
31. Apna
Founders: Nirmit Parikh
Year Founded: 2019
Industry: Employment
Funding: $193.5 Million
The main focus of Apna Jobs is giving Indians access to employment possibilities. The goal of digital recruitment is to assist address the unemployment problem in this enormous nation. It is an employment board where people may look for work and socialise.
One can obtain employment with this app based on their skills. It was established in 2019 by former Apple executive Nirmit Parikh and became the nation’s quickest unicorn through hard effort.
