Mumbai has become the hub for the highest-funded startups in India, with Maharashtra leading the country in startup growth and innovation, Deputy Chief Minister Eknath Shinde announced today. He was speaking at the Startup Conclave 2025, jointly organized by CSIR and three major scientific institutions at the NESCO Center in Goregaon.
Deputy CM Shinde highlighted that Maharashtra is the first state in India to implement a fintech policy aimed at providing financial support to startups and businesses. According to the 2025 Economic Survey, Maharashtra is home to 26,686 startups, representing 24% of the country’s total—making it the top state in the nation for startup activity.
"Mumbai has emerged as the most favorable destination for startups due to the availability of investors and venture capital funds," Shinde said. The state has launched several initiatives, such as the Maharashtra Startup Week, Mumbai Fintech Hub, and the Punyashlok Ahilyadevi Holkar Women Startup Scheme, helping position Mumbai as a center of economic and technological innovation.
Sectors like fintech, e-commerce, health tech, edtech, and deep tech are seeing rapid growth. Maharashtra also leads the nation with 27 unicorn companies—privately held startups valued at over $1 billion.
According to Shinde, Mumbai-based startups raised a total of $3.7 billion in funding this year, marking a 154% increase compared to last year. Pune is leading in the information technology, automotive, and biotechnology sectors. Meanwhile, a state-of-the-art "Innovation City" is under development on 300 acres in Navi Mumbai, aimed at nurturing startups in science, technology, biotechnology, data science, and advanced manufacturing.
Currently, India has over 150,000 active startups.
