Mumbai emerges as India’s Top-Funded Startup Hub with $12 billion in 2024

With more than 140,000 startups registered with the Department for Promotion of Industry and Internal Trade, India has solidified its standing as the third-largest startup ecosystem globally in 2024.

From 50,000 startups in 2018, this represents a sharp ascent. Additionally, over the previous year, the combined valuation of the top Indian companies increased by 20% to an estimated Rs. 36 lakh crore.

India’s leap in registered startups and the increasing interest from investors demonstrate the country’s rapid ascent to prominence as a global hub for innovation. This growth has been fueled by a number of factors, such as a thriving talent pool, technological advancements, and supportive government policies.

The data shows that the ecosystem is changing, with more chances for entrepreneurs to raise capital and grow their businesses.

According to the Indian Startup Funding Report, Mumbai has overtaken Bengaluru as the most-funded startup hub in 2024, marking a significant change. The amount invested in startups located in Mumbai increased by 154% year over year, from $1.5 billion in 2023 to $3.7 billion this year.

The city has reportedly established itself as India’s financial hub and is well-positioned for fintech, D2C brands, and media technology initiatives. It also boasts a well-established media and entertainment sector. Mumbai’s startup scene has been reinforced by Maharashtra government initiatives like streamlined regulations and incubation programs.

This year, the top funding rounds have been secured by startups based in Mumbai. Zepto, a grocery delivery platform, raised $665 million, and PharmEasy, a leader in health technology, received $216.2 million in a down round that confirms its position as the market leader.

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