Top 20 Startups of Mumbai

Leave a Comment • By Startups Union • July 9, 2025

Top 20 Startups of Mumbai to Watch in 2025

Mumbai, India’s financial capital, has become a vibrant startup hub attracting massive funding and innovation. In 2024 the city was named the “most funded startup hub” in India, reflecting its diverse entrepreneurial ecosystem. The startups of Mumbai span sectors from finance and healthcare to e-commerce and SaaS, leveraging the city’s talent and resources. This article highlights 20 leading Mumbai-based startups – their industries, achievements, funding, and unique offerings – across fintech, unicorns, e-commerce, healthtech, SaaS, logistics, and more.

Mumbai’s Leading Fintech Startups to Watch

Mumbai’s fintech scene is booming. Upstox is a Mumbai-headquartered brokerage app that offers online stock trading with zero brokerage; it has raised about $29 million in funding. Turtlemint, an insurtech platform simplifying insurance purchases online, has raised $77 million from top investors. Kodo, a B2B corporate card startup, provides spending cards for SMEs and raised $8.7 million in seed funding. U Gro Capital is an SME lending fintech (co-founded by Anuj Pandey) that raised ₹4.75 billion (~$63 M) to fund small-business loans. These startups of Mumbai in the financial sector have rapidly scaled, making digital payments, credit and insurance more accessible to millions.

Top Unicorn Startups Headquartered in Mumbai

Several Mumbai-based startups have joined the unicorn club (valued over $1 billion). Dream11 (Media & Entertainment) is a fantasy sports platform (Mumbai HQ) founded in 2008; it became the first Indian gaming unicorn. Nykaa (e-commerce) is a leading online marketplace for beauty and wellness products; founded in 2012 by Falguni Nayar, it is a Mumbai-based unicorn retail company. In health tech, PharmEasy (API Holdings) is an online pharmacy & telemedicine platform based in Mumbai; it raised $350 M in 2021 and now has a $1.5 billion valuation. Rebel Foods (formerly Faasos) operates cloud-kitchen brands like Behrouz Biryani and Oven Story; it’s a Mumbai-based startup that turned unicorn in 2021 with a $1.4 B valuation. Games24x7 (gaming) – the parent of RummyCircle and My11Circle is headquartered in Mumbai and raised funds at a $2.5 B valuation in 2022. Each of these unicorns illustrates the global impact of the startups of Mumbai in gaming, retail, healthcare and cloud kitchens.

Best E-commerce & Quick Commerce Startups in Mumbai

Mumbai is home to several high-growth online retail and D2C brands. Purplle is an online cosmetics marketplace (Mumbai HQ) offering beauty and personal care products; it has raised around $94 million in funding. SUGAR Cosmetics is a Mumbai-based D2C makeup brand specializing in cruelty-free cosmetics; it raised over $35 M to scale its e-commerce and retail sales. Pepperfry operates India’s leading online furniture and home decor marketplace; headquartered in Mumbai, it has secured over $245 M in funding. For quick commerce and food delivery, Box8 is a Mumbai-founded meal-delivery startup (branded meals in handy boxes) that has raised about $32.7 M so far. Collectively, these startups of Mumbai in e-commerce and D2C leverage digital platforms and supply chains to meet growing consumer demand.

Top HealthTech Startups in Mumbai

Mumbai’s healthcare and wellness startups have seen strong growth. Apart from PharmEasy (unicorn), InnerHour is a Mumbai-based digital mental health platform offering online therapy and wellness programs; it has raised about $5.65 M in funding. Wellness Forever Medicare is a Mumbai-founded retail pharmacy chain (physical + online) providing medicines across India; it has received over $20 M in investment. ImpactGuru is an Indian crowdfunding platform (HQ Mumbai) focused on raising funds for medical treatments and social causes; it has raised ~$4.5 M with seed and venture funding. These startups illustrate how healthcare solutions and innovative business models (telemedicine, wellness apps, community funding) are driving Mumbai’s healthtech sector and improving access to care.

Mumbai-Based SaaS and Software Innovators

Mumbai hosts several leading B2B software startups. WebEngage (founded by Ex-PayU executives) offers a SaaS customer engagement and marketing automation platform; this enterprise SaaS startup raised over $6 M. IDfy provides KYC/identity verification and fraud detection services via APIs; headquartered in Mumbai, it has raised $5.17 M in funding. Flock is a team-messaging and collaboration app (similar to Slack) founded by Bhavin Turakhia; it has raised $45 M to date. These startups of Mumbai in enterprise software are building B2B SaaS solutions used by thousands of companies, drawing investment from notable VCs. (Other tech firms like Pepper Content – a content marketplace also operate here, highlighting Mumbai’s growing IT entrepreneurship.)

Mumbai’s Fastest-Growing Logistics & Supply Chain Startups

In logistics and supply chain, Freight Tiger stands out. Freight Tiger (founded 2014) provides a digital freight management platform for transportation companies; it’s based in Mumbai and secured about ₹55 Crore (≈$7.5 M) in funding. Its technology makes freight transactions more transparent and efficient. (While major logistics players like Delhivery are Gurgaon-based, startups like Freight Tiger show how Mumbai entrepreneurs are innovating in the transport sector.) These logistics startups of Mumbai address critical supply-chain challenges for India’s growing economy.

Conclusion

In summary, Mumbai’s ecosystem now rivals Bengaluru’s as India’s top startup city. The startups of Mumbai across fintech, healthtech, SaaS, D2C, logistics and more have collectively raised billions and created multiple unicorns, underscoring the city’s entrepreneurial strength. From Dream11’s gaming platform to Nykaa’s beauty marketplace, PharmEasy’s online pharmacy to WebEngage’s SaaS tools, these companies highlight why Mumbai remains a premier hub for innovation. As more funding flows into India’s financial capital, Mumbai’s startups are set to play a leading role in shaping the country’s future economy.