Devendra Fadnavis says startups returning to Mumbai from Bengaluru: 'We are seeing reverse migration'

While acknowledging competition among Indian states for investment, Fadnavis maintained a broad national perspective.

Maharashtra chief minister Devendra Fadnavis on Friday asserted that Mumbai is now becoming the leading startup hub in India, with a reverse migration of entrepreneurs from Bengaluru.

In an interview to Moneycontrol's Managing Editor Nalin Mehta at the Global Wealth Summit in Mumbai, Fadnavis pointed to the city's phenomenal growth in the startup ecosystem and its rising valuation in the investment space.

“There was a time when entrepreneurs founded their startups in Mumbai and then moved to Bengaluru. Now we are seeing reverse migration happening,” Fadnavis said, highlighting a major shift in India’s startup landscape.

The BJP leader added that Mumbai is pipping Bengaluru as the preferred city for startups. “Mumbai has become the startup capital,” he said, adding that Maharashtra now leads both in absolute numbers and investments.

Fadnavis said also highlighted Maharashtra’s growing influence in the fintech sector, saying that most fintech startups are now based in the state. He added that Maharashtra is the "de facto fintech and data capital" of the country.

He said that India's data capital is also now in Maharashtra.

Beyond startups, Fadnavis said that Maharashtra remains the most favored destination for investment and cited the state's dominance in FDI inflows.

“Maharashtra received three times more FDI than Gujarat,” he said, underlining the state's investment appeal.