Top 10 Startups in Mumbai

Mumbai is one of India’s fastest-growing states in India, with the highest GDP of $310 Billion. They have many Software companies, marketing agencies, and business management and it is also the home of the entertainment industry and they have more than 62K companies. Biggest IT Companies such as TCS, Tech Mahindra, Infosys, L&T, Accenture, Wipro, IBM have their offices there.

So, Here is the List of Top 10 Startups in Mumbai:

1. Nykaa

Nykaa is an Indian e-commerce company founded in 2012 by Falguni Nayar. Nykaa has a valuation of $13 Billion

In 2020, it became the first Indian unicorn startup headed by a woman. Nykaa has a 38% share in the online beauty and personal care market in India. And they competed with various online players such as Amazon and Flipkart.

Nykaa has reported revenue growth from Rs. 11,614 million FY19 to Rs. 51,740 million in FY23. Popular Bollywood actresses Katrina Kaif and Alia Bhatt have also invested in Nykaa. Jhannvi Kapoor is the brand Ambassador of Nykaa.

2. BookMyShow

BookMyShow is an online ticket service for cinemas in India founded in 1999 by Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande. They have a market share of 90% in the online entertainment ticketing space. BookMyShow has a valuation of $1.1 Billion in June 2022-2023, BookMyShow saw a 10X jump in revenues, reaching Rs. 1,027 Cr and earned a Net Profit of Rs 85 Crore. They have various competitors such as tickets.com, Webtickets and masterclass as well.

3. Purplle

Purplle is an Indian multiple-brand beauty retailer selling cosmetic and wellness products. The company was founded in 2012 by Manish Taneja and Rahul Dash. Purplle has a valuation of $1.1 Billion. Purplle competitions with various platforms such as Nykaa, Myntra, Sugar Cosmetics and MyGlamm. Sara Ali Khan and Yami Gautam are the brand ambassadors of Purplle. Purplle revenue increased has 72% from  Rs 182 Cr to Rs 219.9 Cr.

4. Acko

Acko is an Indian private-sector insurance company founded in 2016 by Varun Dua and Ruchi Deepak that offers car, bike, and health insurance. Acko’s revenue from operations increased 31.9% to Rs 1,759 Cr in FY23 from Rs 1,334 Cr in FY22.

Acko has worked with various celebrities such as R Madhavan, Saif Ali Khan, Sanjay Dutt and Arshad Warsi as they created a TV commercial reprising the roles of Munna and Circuit for Acko’s platinum health plan.

5. Ola

Ola was started in 2011 by Bhavis Aggarwal and Ankit Bhati, both graduates from Indian Institute of Technology, Bombay. Ola has a market share of 59% in India’s ride-hailing market, while Uber has a 41% market share and competes with various startups such as Uber, Rapido and DiDi Global and Careem.Ola company from operations grew 100% to Rs1,970 Cr in FY22 as compared to Rs 983 Cr in FY21.

6. UpGrad

UpGrad is a higher educational portal founded by Ronnie Screwala, Phalgun Kompalli, Mayank Kumar and Ravijot Chugh and they have a valuation of $2.25 Billion that offers courses in Data Science, Technology, Management, and law as well. UpGrad operates out of 31 offices in India, USA, UK, Middle East, Singapore and Vietnam.

Upgrad’s revenue increased 96% to Rs1,1194 Cr in the fiscal year ending March 2023. However, losses widened 67% to Rs 1,142 cr. in FY23.

7. Sugar Cosmetics

Sugar Cosmetics is an Indian cosmetic brand founded in 2012 by Vineeta Singh and Kaushik Mukherjee. The company is famous for high-quality Affordable and cruelty-free makeup brands that are high in style and high in performance. Sugar Cosmetics has a valuation of around $500 Million.

Sugar Cosmetics is on track to become profitable by the end of FY24. In FY23, the company’s income increased to Rs. 428.4 Cr, up from 223.8 Cr the previous year and they competed with various players such as Nykaa, MyGlamm, Mamaearth, and Lakmeindia. Vineeta Singh has gained huge popularity as she is one of the “Judge of Shark Tank India” Seasons 1,2 and 3 where she helps budding entrepreneurs in their business. Ranveer Singh is the brand Ambassador of Sugar Cosmetics.

8. Toppr

Toppr was founded by Zishaan Hayath and hemanth Goteti in 2013 and it’s valued at $160 Mn. They compete with various players such as Unacedmy, Khan Academy, Meritnation and Brainly. Toppr is a learning platform for school boards and competitive exams. In 2019 Toppr had about 3 million users and in September 2022 it had more than 30 Million users and was acquired by Byju’s in 2021.

Toppr has won various awards such as

• Top 50 International Educational Companies with Impact
• Top 10 hottest Startups– CB insights2015
• Top 20 EdTechX Global Awards -2017

9. Cleartrip

Cleartrip is an Indian global online travel company founded in 2012 by Stuart Crighton, Hrush Bhatt and Matthew Spacie. Cleartrip has a market share of 18% Cleartrip was acquired by Flipkart in 2021 at an Undisclosed amount. Even Adani has also invested in this company. Cleartrip has won many awards for its service in India and abroad including “Most Innovative Company in Asia” and “India’s best travel website”, “Product of the year- Travel category”. In 2020 the company expected to earn over 700 Cr in revenue.

10.  PepperFry

Pepperfry was founded in Mumbai in 2011 by Ambareesh Murty and Ashish Shah. Former eBay executives, they have a valuation of $10.6 Billion. The company opened its first offline stores in Mumbai and expanded to over 70 Stores across 28 Cities in India by 2019. Pepperfry has an operating revenue of around 23% to Rs 247 Cr marking a rise, FY22 from Rs201 Cr.

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Wrapping up

Mumbai has been known as “Sapno ki Nagri”, and it has never failed, never those who dare to dream. Mumbai has various companies as well such as Kodo, Jai Kisan, InCred, CarTrade, Shop101, PharmEasy, LEAD School, Upstox, Pepper Content, SUGAR Cosmetics, BimPe, QuickSell and a lot more. That clearly shows Mumbai has great potential to achieve a remarkable success and become one of the most successful and fastest growing state in India.

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