Mumbai is known to be the financial, entertainment, fashion and commercial hub of India. With an estimated GDP of $368 billion (as of 2015), Mumbai is also one of the world’s top 10 centers of commerce in terms of global financial flow. Aside finance and Bollywood, some of the other major industries that have an equally strong base in Mumbai include automotive parts, utensils, biscuits (cookies), clothing, textile mills, pencils, pharmaceuticals, import, export, IT, and health care.
Some of the major stock exchanges (BSE and The National Stock Exchange), brokerages, asset management companies, headquarters of most state-owned and commercial banks, SEBI and RBI, and most Indian bigwig corporate houses such as the Tata’s, Reliance, Birla’s, etc., have headquarters in Mumbai.
Furthermore, Mumbai is the highest contributor to the Indian economy with close to 30% of income tax collections, 40% of foreign trade, INR 40,000 crore (US $10 billion) in corporate taxes, 60% of customs duty collections, 20% of central excise tax collections, and so on.
All that said, after having gained laurels in several areas, Mumbai in the last few years has also added another feather to its hat of being one of the major Start-up Hubs of the country and an emerging and ideal destination for the start-up market. In fact, Mumbai was also ranked among the fastest cities in India for business start-up in 2009.
The major factors that make Mumbai the preferred choice of entrepreneurs include the geographical superiority, better access to large capital, better infrastructure and transportation facilities, abundance of great talent, safety for female workforce, cultural diversity, home to giant corporations and networking opportunities, and so on.
Below mentioned is a list of some of the most successful start-ups of the country that emerged from Mumbai.
Chillr is a multi-bank mobile banking app and was launched by Sony Joy in 2014. It eliminates the need for cash, credit cards, and mobile wallets, and users can send funds to anyone on their phone’s contact list through the app and perform many other functions as well. Some of the banks on board include HDFC and Bank of Baroda.
- PepperfryPepperfry, a start-up founded by Ambareesh Murty and Ashish Shah to offer consumers a variety of lifestyle products, now sells furniture and home décor products. The company is home to a differentiated product range of over 80,000+ products across categories like Furniture, Home Décor, Kitchen & Dining, etc. Founded recently in 2012, it has already gained a reputation for the craftsmanship of products and also has become one of the biggest names in the e commerce sector as well.
The Mumbai-based start-up that was launched in 2012 by a group of 12 enterprising IIT’ians, Housing.com is a leading real estate search portal that caters to around 40 Indian cities including the metros of Mumbai, Delhi, Bengaluru, Kolkata, and Chennai. The start-up has gained tremendous momentum in such a short span, due to its unique and innovative approach to the online real estate sector, featuring interactive maps, photographs of every listed property, information on the rooms, restrictions, amenities, and lots more.
- Ola Cabs
One of most famous names across Indian urban households, Ola Cabs is one of the leading online cab aggregators of the country that was founded in December 2010 by Bhavish Aggarwal and Ankit Bhati. The demand for reliable alternatives to public transport and ‘black and yellow’ metered taxis led to the rise of Ola. The billion-dollar unicorn is widely known for its affordable pricing, reliability, great customer service, and user-friendly platform.
BookMyShow is India’s biggest online movie and events ticketing brand that helps in the ticket sales for movies, plays, concerts and sporting events. The online platform was started in 1999 by three friends – Ashish Hemrajani, Parikshit Dar and Rajesh Balpande and is today known to be the most successful mobile e-commerce app in India. Their clientele includes all major movies and events that happen throughout the country. The company is a part of the BigTree Entertainment banner which also runs several other ventures that caters to the same sector.
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