Mumbai poised to become India’s AI hub with 100+ unicorns by 2035: Report

Powered by a surge in AI adoption and strong business fundamentals, Mumbai’s start-up ecosystem could grow to over 100 unicorns by 2035, according to a report by TEAM-McKinsey & Company. Riding on the AI boom, these startups could contribute 15% to the city’s GDP growth, attract over $450 billion in FDI over the next decade, and build a tech talent pool of over 2 million, with 1 in 4 trained as AI professionals, the report highlights.

A crucial element in making the city an AI adoption hub by 2025 is the relationships between enterprises, government, academia, and tech companies, the report observes. It highlights that Mumbai, home to 39 Nifty 100 companies, contributes 4% to India’s GDP ($140B+). "Four of India's five largest companies by market cap are based in Mumbai."

The city’s tech ecosystem, which includes the country’s largest unicorns, leads in enterprise tech, media & entertainment, and EdTech, it says, adding that Mumbai also boasts the highest share of profitable start-ups, supporting sustainable growth with stable unit economics.

With 21 unicorns (67% profitable), Mumbai's start-up ecosystem generates around 10,000 direct engineering jobs, says the report. It also points to new residential options offering affordable housing for talent. "Thane accounts for over 16% of Mumbai’s housing launches, and Navi Mumbai sees about 20%. Upcoming infrastructure, including coastal roads, could reduce travel time to office hubs to 30-50 minutes," says the report.

TEAM's vision for Mumbai 2035 suggests making the city a hub of AI adoption, infrastructure, and profitable innovation, and drawing inspiration from New York City’s tech success.

The report offers key suggestions: identifying 10 public-sector challenges for start-ups to address, promoting AI adoption and tech spending by over 10 Nifty 50 companies, and establishing AI-focused B.Tech and M.Tech programs to add 15,000 AI-ready professionals annually.

It also calls for real estate investments in tech parks and housing projects to create affordable living and working spaces in and around Mumbai. The report highlights TEAM members have committed to upskilling over 100,000 professionals and fostering engagement to drive the ecosystem.

Mumbai Tech Week (MTW) 2025, Asia's largest AI-focused event, took place from February 24 to March 1, 2025, in Mumbai. Organised by the Government of Maharashtra with the Tech Entrepreneurs Association of Mumbai (TEAM), the event aimed to position Mumbai as a central hub for AI innovation and technological advancement. The week-long event featured satellite workshops and hackathons from February 24 to 27, culminating in major conferences on February 28 and March 1 at the Jio World Convention Centre, BKC.