Mumbai
Metro area · India · Pop. 22.9M · #31 city by EV
Enterprise value · 2015–2025
Mumbai grew 25.5× since 2015
Combined enterprise value of every tracked startup headquartered in Mumbai that's still operating today — public and private companies combined, totalled by founding-year cohort.
Adjacent cities by EV
Startup funnel
Mumbai's power-law funnel
From the first cheque written to a $10B+ outcome. Each arrow shows what fraction of companies at one stage graduate to the next, tracked by founding cohort.
* C→Unicorn and Unicorn→Decacorn rates are derived from current counts (no founding-cohort data); the four mid-funnel rates use Dealroom's cohort tracking.
Notable companies
Top private companies in Mumbai
Up to 20 names per tier from Dealroom's tracked dataset. Decacorns are valued $10B+, unicorns $1B+, thoroughbreds have crossed $100M in revenue.
Academia
Mumbai's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Mumbai.
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Notable alumni-founded: FlipkartOYORazorpayPostman
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Notable alumni-founded: ZomatoSnapdeal
Vs. similarly-sized ecosystems
How Mumbai stacks up
Peers chosen from the same country (India), sized closest to Mumbai by combined EV. The scatter plots growth × current size — outliers in the upper-right are ecosystems compounding fastest.
Top overview
India — top cities
Top cities in India ranked by combined EV. Mumbai's row is highlighted.
| # | Ecosystem | Combined EV | 5-yr EV growth | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | Bengaluru | $286B | 6.2× | 45 | $5.4B | 3,568 |
| 2 | Delhi | $220B | 6.3× | 29 | $2.5B | 2,363 |
| 3 | Mumbai | $198B | 14.0× | 25 | $2.8B | 1,982 |
| 4 | Pune | $36.8B | 12.0× | 7 | $334.6M | 515 |
| 5 | Chennai | $32.2B | 6.0× | 10 | $582.9M | 533 |
| 6 | Hyderabad | $25.1B | 5.8× | 2 | $298.9M | 636 |
| 7 | Jaipur | $9.8B | 11.9× | 0 | $27.9M | 126 |
| 8 | Ahmedabad | $8.6B | 11.1× | 2 | $346M | 248 |
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What we don't show on this page (yet)
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