Mumbai is key for India's startup scene, and is home to 15 unicorn companies. It's led by major players like Reliance Retail, with a valuation of $101B, and the telecommunications company Reliance Jio, which has secured $28.4B in funding.
The city shows strength across various sectors beyond retail and telecom. This includes the electric vehicle company Mahindra Electric Automobile, valued at $10B, and the education platform Eruditus, which has raised $1.6B.
Below is the full list of 15 Mumbai unicorn startups at this time.
Top 10 Most Valuable Mumbai Unicorns
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Get the Sheet for $50Reliance Retail has built India’s largest network of retail stores, offering products across groceries, electronics, and fashion. They reach customers through a wide array of formats, including neighborhood shops, large supermarkets, and major digital commerce platforms.
| Valuation | $101B |
| Year Founded | 2006 |
| Founders | Mukesh Ambani |
| Funding Amount | $8.3B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Private Equity |
| Top Investors | TPG, Silver Lake, GIC, General Atlantic, Abu Dhabi Investment Authority |
Reliance Jio provides affordable mobile internet access across India through its massive 4G and 5G telecommunications network. Beyond simple connectivity, they have developed a broad digital ecosystem that includes high speed broadband, streaming apps, and consumer devices.
| Valuation | $58B |
| Year Founded | 2010 |
| Founders | Mukesh Ambani |
| Funding Amount | $28.4B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Corporate Round |
| Top Investors | Vista Equity Partners, Citi, HSBC, TPG, General Atlantic |
Mahindra Electric Automobile designs and manufactures a new generation of passenger electric vehicles. Their "Born Electric" vision introduces a portfolio of futuristic SUVs built on the advanced INGLO platform.
| Valuation | $10B |
| Year Founded | 1994 |
| Founders | — |
| Funding Amount | ₹31.3B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Private Equity |
| Top Investors | British International Investment, Temasek Holdings |
Mahindra Electric Automobile Limited designs and manufactures a portfolio of all-electric SUVs under its "Born Electric" vision. Their lineup of futuristic vehicles aims to accelerate the adoption of electric mobility within the Indian market.
| Valuation | $9B |
| Year Founded | 2022 |
| Founders | — |
| Funding Amount | ₹38.5B |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Undisclosed |
| Top Investors | British International Investment, Mahindra & Mahindra |
Upstox created a popular investment platform that gives Indian users access to the financial markets. Through their app, people can trade stocks, invest in mutual funds, and participate in IPOs.
| Valuation | $4B (Joined November 2021) |
| Year Founded | 2009 |
| Founders | Kavitha Subramanian, Raghu Kumar, Ravi Kumar, Shrinivas Viswanath |
| Funding Amount | $143.3M |
| Company Size | Mid-Size Team (51-250) |
| Last Funding Status | Series C |
| Top Investors | Kalaari Capital, Stride Ventures, BlackSoil, InnoVen Capital, Tiger Global Management |
Eruditus collaborates with leading global universities to make executive education accessible to professionals worldwide. Their platform offers a portfolio of programs including boot camps, certificate courses, and senior leadership training.
| Valuation | $3.1B (Joined August 2021) |
| Year Founded | 2010 |
| Founders | Ashwin Damera, Chaitanya Kalipatnapu |
| Funding Amount | $1.6B |
| Company Size | Mid-Size Team (51-250) |
| Last Funding Status | Series F |
| Top Investors | InnoVen Capital, Accel, Peak XV Partners, HSBC, Prosus Ventures |
Games24x7 builds and operates a portfolio of online gaming platforms centered on skill-based and casual games. Their most popular titles include RummyCircle, a leading online rummy platform in India, and My11Circle, a top destination for fantasy sports.
| Valuation | $3B (Joined March 2022) |
| Year Founded | 2006 |
| Founders | Bhavin Pandya, Trivikraman Thampy |
| Funding Amount | $75M |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | Tiger Global Management, Malabar Investment Advisors, The Raine Group, Das & Co. |
UpGrad offers online higher education programs created in partnership with top universities around the world. Their platform allows working professionals to earn advanced degrees and certifications without pausing their careers.
| Valuation | $2.25B (Joined August 2021) |
| Year Founded | 2015 |
| Founders | Mayank Kumar, Phalgun Kompalli, Ravijot Chugh, Ronnie Screwvala, Tammy Sons |
| Funding Amount | $782.7M |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Venture Round |
| Top Investors | Kaizenvest, IIFL Finance, Temasek Holdings, 360 ONE Asset, International Finance Corporation |
CoinDCX has built one of India's largest cryptocurrency exchanges, giving users a single platform to trade and invest. Their focus on security and a simple user experience makes crypto accessible to a wide range of investors.
| Valuation | $2.15B (Joined August 2021) |
| Year Founded | 2018 |
| Founders | Neeraj Khandelwal, Sumit Gupta |
| Funding Amount | $247M |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Corporate Round |
| Top Investors | Coinbase, Bain Capital Ventures, Republic, B Capital, Pantera Capital |
Rebel Foods operates a massive network of internet restaurants, developing food brands that exist entirely through cloud kitchens. Their platform allows them to rapidly launch and scale a diverse portfolio of culinary concepts for the on-demand delivery market.
| Valuation | $1.4B (Joined October 2021) |
| Year Founded | 2011 |
| Founders | Jaydeep Barman, Kallol Banerjee |
| Funding Amount | $829.6M |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Series G |
| Top Investors | Goldman Sachs, Sequoia Capital, Temasek Holdings, RTP Global, Peak XV Partners |
The Remaining 5 Unicorns Founded in Mumbai
The ten most valuable unicorns get most of the attention, but they only tell part of the story. Other founders across the city are also building billion-dollar companies in many different fields. From fashion and fintech to education, this next group has collectively raised over $1.6 billion. Here is a look at the other unicorns that make Mumbai’s startup scene so vibrant.
