20250220_TEAM Mumbai Tech Ecosystem Report_vShare.pdf

Mumbai startup ecosystem

1. 00

2. 11
Mumbai, known as the city of dreams, is larger than life. It has multiple identities:
financial powerhouse, art and culture hub, cradle for film and sporting legends, heart
of music and theatre. It’s a juxtaposition of differences: Bustling trains and luxury cars,
street food and fine dining, fast fashion and haute couture, grand theatres and street
performances. Mumbai’s magnetism attracts people from across India and beyond
it, fashioning a mosaic of languages, faiths and cultures.
Another new aspect of Mumbai, less well-known but growing in popularity, is its
flourishing tech ecosystem. Home to over 20 unicorns and thousands of high-growth
start-ups leading innovation and addressing India’s most pressing problems, India’s
largest city has the highest share of profitable unicorns with stable unit economics.
This has emerged from Mumbai’s undying entrepreneurial spirit and showcases a
readiness for sustainable growth.
The Mumbai that is, contains within it the seed of the Mumbai that can be. This report
aims to analyse how the city could become a hub of AI adoption and profitable
innovation by 2035, and the steps needed to actualize its potential. It is enriched with
inputs from entrepreneurs, industry leaders, and experts. The paper focuses on how
Mumbai's start-ups, enterprises, governments, and academia can collaborate on the
next wave of AI-driven growth.
The report provides insights into the city's technology entrepreneurship ecosystem
and the opportunities it could offer for start-up founders and investors, tech and
domain experts, policymakers and India's socioeconomic growth. We hope it will
encourage all stakeholders to participate in unlocking these possibilities.
1
Introduction
Members of the
TEAM Governing
Council, 2024-26
Aakrit Vaish
IndiaAI, Haptik
Akanksha H
LoveLocal
Harsh Jain
Dream Sports
Mayank Kumar
BorderPlus, UpGrad
Vishal Gondal
GOQii
Naiyya Saggi
Edition (EDT),
GoodGlamm
Dhruvil Sanghvi
LogiNext
Vivek Khemani
Quantiphi

3. 22
15+ interviews with start-up founders and industry
leaders who shared their valuable insights and ideas
to enrich this report
2
Innovations happen where
the market is. Talent will
always follow the market.
That’s the key reason the US
attracts the best tech talent
today, and with rapid AI
adoption, Mumbai can
become the same for India
Vivek Khemani,
Quantiphi
With Gen-AI, programmers
need stronger sectoral
knowledge. Mumbai is an
ideal destination for this, as
we have domain experts
across sectors.
Mayank Kumar,
BorderPlus, UpGrad
Investments in tech parks and
the acceleration of large
infrastructure projects will be
critical in attracting and
retaining tech talent in
Mumbai.
Aakrit Vaish,
IndiaAI, Haptik
Bridging the trust gap between
academia and enterprises will
be critical to go from 10 steps
ahead to 10x ahead. We need
structured collaboration with
academia.
Aniket Deb,
Bizongo
Interviews01
Sources of insight for
this report
Analysis of 50+ research publications,
industry white papers, policy documents,
and published articles
03
Survey02
30+ start-up founders surveyed, with a detailed
questionnaire of 25+ questions regarding key strategic
priorities, challenges, and opportunity areas for
entrepreneurs starting up in Mumbai
77%
Of founders surveyed stated growth was their
biggest priority over the next 12-18 months.
They ranked targeting new markets/
customer segments above fund -raising, cost
efficiency, IPO, and monetization as priorities.
67%
Of founders surveyed had already
implemented AI for software development
and testing.
Of founders surveyed believe that the cost of
living is a major challenge in attracting
quality talent to Mumbai.
83%

4. 33
Acknowledgements: Start -up founders and industry
leaders
We thank the founders and leaders who shared their valuable insights and ideas to enrich
this report:
Jaydeep Barman
Rebel Foods
Rajesh Jain
Netcore
Aniket Deb
Bizongo
Mayank Kumar
BorderPlus, UpGrad
Vivek Khemani
Quantiphi
Aakrit Vaish
IndiaAI, Haptik
Harsh Jain
Dream Sports
Sumeet Mehta
LEAD
Akanksha Hazari
LoveLocal
Manish Taneja
Purplle
Vishal Gondal
GOQii
Dhruvil Sanghvi
Loginext
Naiyya Saggi
Edition (EDT), GoodGlamm
Yannick Colaco
FanCode

5. 44
Acknowledgments: Knowledge partner
This report emerged from a two-month knowledge-gathering effort to shape a possible vision for the
future of Mumbai’s start-up ecosystem. Crafted through in-depth discussions with over 15 start-up
founders and industry veterans, it provides insights into the priorities and initiatives that could help shape
a resilient, fast-growing and impactful start-up ecosystem in Mumbai.
TEAM would like to thank the following individuals from McKinsey & Company , our knowledge partner, for
conducting the underlying research and providing an analytical fact-base for this report.
Nikhil Vyas
Partner
Amrita Singh
Partner
Sathya Prathipati
Senior Partner

6. 55
CONTENTS
The Mumbai
you know
•India’s financial capital
and the original home of
entrepreneurs
•Epicenter of art and
culture, with a high
quality of life and best-
in-class academic
institutions
The Mumbai
you don’t
•Hub of India’s profitable
start-ups with a thriving
tech ecosystem
•Growing infrastructure
and increasing
availability of more
affordable housing in
and around the city
TEAM’s vision:
MumbAI 2035
•Hub of AI adoption,
foundational
infrastructure, and
profitable innovation
•Parallels with New York
City and learnings from
its tech leadership
journey
Enablers to
consider
•Support from
policymakers,
enterprises,
and founders
01
02 04
03

7. 66
‸
Mumbai today is home to India’s largest conglomerates,
with 39 Nifty 100 companies headquartered here.
Executive
summary
The city you know
Equally known as a “maya nagri” (city of dreams) and a “city
that never sleeps”, Mumbai is a financial hub, epicenter of
art and culture, known for being safer for women, with 24/7
public transport, growing infrastructure, and reputed
academic institutions. Thousands migrate to Mumbai every
day to realize their dreams. This has considerably increased
demand for infrastructure and housing, with many projects
underway.
The city you don’t
Mumbai has a thriving tech ecosystem and is home to some
of the country’s largest unicorns dominating sectors like
enterprise tech, media & entertainment, EdTech, and more.
The over 30 soonicorns waiting in the wings highlight the
rapid growth of tech entrepreneurship in the city.
This ecosystem is unique because of its well-grounded
fundamentals and an entrepreneurial mindset. Mumbai has
the country's highest share of profitable start-ups poised for
sustainable growth on the back of stable unit economics.
The tech ecosystem contributes substantially to the nation’s
socio-economic development, 10-12% to Mumbai’s GDP
growth, and $140M+ to CSR spending. The EdTech start-ups
impact 13M+ students, and the FinTechs contribute over
$135B in transaction value.
4%
contribution to India’s
GDP ($140B+ GDP of
Mumbai)
4/5
India’s largest companies
by market cap are in
Mumbai
21
Unicorns, of which
67% are profitable
10k+
Direct engg.
jobs
25k+
Registered start-ups
in Maharashtra
India’s financial capital, Mumbai offers a relatively higher
quality of life than many major cities and is also home to a
growing and profitable technology ecosystem.
The relationships between the enterprises, government,
academia and tech companies shaping this vibrant city,
supported by multiple enablers like improved infrastructure,
could propel Mumbai to become the hub of AI adoption in
the country by 2035. The possibilities for the Mumbai of the
future lie in a combination of the city you know and the city
you don’t
In addition to this emerging ecosystem, new residential
options in the vicinity of Mumbai offer affordable housing for
potential talent looking to live and work in the city. Thane
sees over 16 percent of all Mumbai housing launches, and
Navi Mumbai sees around 20 percent. And with new
infrastructure developments underway, such as the coastal
roads, office hubs could be 30-50 minutes away from
affordable residential locations.
Source: BSE, NITI Aayog MMR Roadmap (2024), Tofler, Traxcn, DPIIT, Anarock, Knight Frank, Inc 42,
Expert conversations

8. 77
‸
The 39 Nifty 100 companies in Mumbai make over $590B of
combined spending decisions annually. As applied AI grows
globally, these companies would lead the charge on AI
adoption.
With 1400+ AI use cases implemented, adoption of new AI
use cases for civic administration can further drive Mumbai’s
AI adoption story. Moreover, Mumbai has good foundational
infrastructure, with more than a 50 percent share of India’s
installed data center capacity. These factors indicate that...
Executive
summary
TEAM’s vision for MumbAI 2035
Enablers to consider
The relationship between enterprises, policymakers, entrepreneurs,
academia, and tech talent would be important to driving the AI
ecosystem. Each stakeholder could play a pivotal role in realizing
the vision of companies in Mumbai leading the charge on AI
adoption.
The report offers thought-starter ideas and consideration for
stakeholders:
1.Identify around 10 public-sector challenges and solve these
through sandbox environments and potentially support funding
for start-ups who try to address the challenges.
2.Over 10 Nifty 50 companies could commit to AI adoption and
tech spending with Mumbai-based start-ups and innovation
funds.
3.Establish AI-focused B. Tech and M. Tech programs to help add
over 15,000 AI-ready professionals to the workforce annually
4.Encourage real-estate investments in tech parks and housing
projects to create more affordable living and working spaces in
and around Mumbai.
5.Consider drafting an AI policy that includes adoption
commitments, subsidies, infra funds, academic and research
funds, ethical and open data guidelines.
6.TEAM members also commit to upskilling over 100,000
professionals, and to creating more engagement avenues to
drive this ecosystem.
Powered by a surge in AI adoption and backed by strong
business fundamentals, Mumbai’s start-up ecosystem could
potentially grow to over 100 unicorns by 2035, contribute 15
percent to Mumbai’s GDP growth, attract $450B+ in FDI over
the next 10 years, and nourish a tech talent pool of over 2M,
with 1 in 4 trained as AI professionals.
Mumbai could be well poised to become
India’s hub of AI adoption and profitable
innovation.
Source: Nifty, CAP IQ, Tofler, Traxcn, Data center world, Expert conversations

9. 88
CONTENTS
•Financial capital:
Original home of
entrepreneurs and
India’s largest
enterprises
•The epicenter of art
and culture
•High quality of life and
safety
•World-class academic
and research
capabilities
In this section..01
The Mumbai
you don’t
0102
TEAM’s vision:
MumbAI 2035
0103
Enablers to
consider
0104
The Mumbai
you know
01
8

10. 99
50%+
Maharashtra’s share of
India’s total FDI in Q1 FY25
$140B+
GDP of Mumbai, contributing
to ~4% of India’s total GDP
$1.7T+
Market cap of Mumbai-based
Nifty 100 companies, higher than
all other cities combined
Economic hub
The original home
of entrepreneurs
and India’s largest
enterprises
Building
tomorrow’s India
Source: NITI Aayog MMR Roadmap (Aug 2024), DPIIT, S&P, BSE, Capital IQ, press research (including, but not limited to, sources available at
Maharashtra secures 52.46% of India's FDI in Q1 FY24-25, surpasses all states combined)
Mumbai: The financial heartbeat of India
5M+
Working professionals in
Mumbai, with 650,000+ women
in the workforce
2.5x
Per capita GDP of Mumbai
(at $6,400) vs the national
average
50%
Of Nifty 50 companies
headquartered in Mumbai
5,800+
New companies registered
in Maharashtra in 2023
alone (~17% of India)
37%
Growth of market cap of
Mumbai-based Nifty 100
companies in FY’24
4/5
Of India’s largest companies by
market cap headquartered in
Mumbai

11. 1010
Tata Group
From a trading hub to an entrepreneurship haven,
Mumbai has been the birthplace of India’s biggest
companies
Reasons for
setting up base in
Mumbai
Dhirubhai Ambani founded Reliance
Industries in 1958
Reliance is known for its scale, innovation &
disruptions
350k+
Employees across
energy, retail,
entertainment,
telecom, FS, etc.
$210B+
Market cap (Nov’24)
$120B
Revenue (FY’24)
1M+
Employees across IT
services, energy,
electronics, motors,
retail, travel, etc.
Jamshedji Tata founded the Tata Group in
1868
Tata is globally known for trust, innovation
and nation building
$400B+
Market cap (Nov’24)
$165B
Revenue (FY’24)
Numerous other
entrepreneurs have
set up their base in
Mumbai…
Source: BSE, Cap IQ, Company websites (including, but not limited to, sources available at Tata group investors page, RIL – human capital )
Reliance Industries
Access to well-
developed
infrastructure
(ports, roads, and
communication
networks)
1
Access to
financial capital
and
entrepreneurial
ecosystem
2
Availability of
high-quality
talent from across
the country
3
Non-exhaustive

12. 1111
39
Of Nifty 100 companies are
headquartered in Mumbai
$590B+
Total private spending decisions
made by Mumbai-based Nifty 100
companies
$3.4T+
Total assets held by Mumbai-based
Nifty 100 companies
Biggest Media &
Entertainment
companies in India
08
Biggest Banks
in India
06
Biggest FMCG
companies in India
05
Biggest Pharma
companies in India
04
10
10
10
10
Today, Mumbai is the epicenter of large enterprises
across sectors
Non-exhaustive
Source: S&P Capital IQ, BSE

13. 1212
Mumbai is also a vibrant tapestry of art and culture
40%+
Non-native
population,
making Mumbai
the most diverse
city in India
Mix of religions:
66% Hindus, 21%
Muslims, 5%
Buddhists, 4%
Jains, 3%
Christians
A melting pot of
cultures
40%+
Share of India’s
M&E industry, with
top 8/10 M&E
companies
$2B+
Direct contribution
of Bollywood
alone to India’s
economy
Epicenter of
Indian media &
entertainment
Top-2
Many e-gaming
and digital media
start-ups of India
are Mumbai-
based
80%+
Of the top 20
Instagram
influencers in
India are based in
Mumbai
Leading the
digital frontiers
1 L sq.m.
Total size of India’s
largest convention
center, Jio World
Convention
Center
3
Prominent cricket
stadiums:
Wankhede stadium,
Brabourne stadium,
DY Patil stadium
Large
facilities
And much more…
$6.5B+ size of the food
services industry
140,000+ organized
and unorganized
restaurants
50%+ of top sports
management
companies
BCCI, the largest sports
body, based in Mumbai
20M+ annual footfall at
religious places like
Siddhivinayak Mandir
and Haji Ali Dargah
We have the best creative talent in the city for animation,
gaming, content creation, advertising, etc., which will
significantly drive the growth of the city's start-up
ecosystem going forward.
- Vishal Gondal,
GOQii
Mumbai’s diverse population base makes it the best
representation of India for experimenting. There is
potential for a lot of cross-pollination of learning from user
behavior during Navaratri and Ramzan.
- Jaydeep Barman,
Rebel Foods
Sources: 2011 Census, Tofler, Traxcn, BSE, NRAI 2024 report, Press research (including, but not limited to, sources available at India's Film Industry -- A $10 Billion Business Trapped In A $2 Billion Body, RIL Opens
India's Largest Convention Centre At Jio World Centre With 5G Network), Expert conversations

14. 1313
Of startup CXOs and founders surveyed rate
Mumbai’s digital infrastructure better than/ at-par
with other cities. 63% believe Mumbai is more
favourable than other hubs
73%
of start-up CXOs and founders surveyed rate
Mumbai’s ease of mobility better than/ at par with
other cities; 27% believe Mumbai is more favorable
than other hubs.
~6,000 CCTV cameras
and public panic
buttons installed, along
with increased
patrolling through
Mumbai Safe City
Project
24x7 dedicated
helpline numbers like
103 and 1298 for
women's safety
Dedicated ladies'
compartments and
special trains to
ensure safety
450 Km+ coverage of
local trains, serving over
7.5 M passengers daily
2.9 M passengers carried
daily through 3,800+
BEST buses across 500+
routes
20% of bus seats
reserved for women;
dedicated night buses
run with female staff
~10,000 tons of waste
processed daily
64 urban forests to be
created using the
Miyawaki technique by
BMC
350,000 trees to be
planted across 70
hectares through
Coastal Road Project
AQI: 100-150, with limited
seasonal fluctuations
compared to other cities
#1 ranked in India and
19th globally on the list
of 'Best Cities for Public
Transit'1
50%+ of commuters use
public transport in
Mumbai
200+ intelligent traffic
signals have been
implemented, resulting
in a 15% reduction in
traffic congestion
99.9% uptime for
electricity in Mumbai
(highest in India),
allowing for the growth of
digital infrastructure like
data centers
3,950 million litres of
water supplied daily
(highest in India),
ensuring 24/7 water
supply in 90% of areas
Efforts for women’s
safety
24x7 public
transportation
Controlling pollution
levels
Proactive traffic
management
Nearly 100% uptime of
key utilities
100%
Mumbai offers a high quality of life among major cities in
India
1. Best Cities for Public Transport analysis by Time Out
Source: Survey of CXOs, Press research (including, but not limited to, sources available at Mumbai to get nearly 6000 additional CCTV cameras , Study of Development and Expansion Plan for Mumbai Suburban Rail
Network, BMC going the Miyawaki way to develop greener city with 14 new urban forests, Mumbai's Drinking Water Needs To Go Up 1.5 Times In Next 17 Years), Expert conversations

15. 1414
The city is home to India’s leading academic institutions,
such as IIT-B, building collaborations with industry
Multiple reputed institutes
ICT Mumbai VJTI
AI research labs
Sydenham
~250
IIT-B incubation
center
$3.6B+
Incubated
start-ups
IITB Incubation center
Deployment of AI and tech solutions in industry by IIT-B
AMD and IIT-B partnership
formed to develop energy-
efficient chips through grants
to incubates
Amazon and IIT-B establish
joint AI-ML initiatives
Academia-industry partnerships
Presence of top talent
State-of-the-art
research labs
•70+ out of top 100 IIT-
JEE rankers chose IIT-
B in 2024
•#1 university in India
based on QS rankings
2025
40+
Faculties
in
Computer
Science
Medical Deep
Learning and
AI lab
Digital Manu. and
Supply Chain
center
Energy transition
innovation
center
Continued government
funding
$11M+
Cumulative
valuation of
incubated start-ups
$80M+
Annual R&D
funding in FY’23
$11M+
Funding
announced by
ANRF for thematic
research
IIT-B offers access to talent and infrastructure for
building tech and AI solutions and deploying them
Other academic institutions
and research labs in Mumbai
Source: QS Rankings, University websites (including, but not limited to, sources available at IITB CSE faculty, Sine business incubator), Press research (including, but not limited to, sources available at IIT Bombay: The
preferred choice for top JEE Advanced rankers in 2024, IIT Bombay gets ₹700 crore funds for research and development, IIT-Bombay and IISER Pune designated as research hubs under national initiative)

16. 1515
CONTENTS
•Hub of start-up activity:
Unicorn and soonicorn
landscape, and tech
ecosystem
•Hub of India’s
profitable start-ups
•Economic and social
impact of start-ups
•Tech-enabled
businesses being built
by conglomerates
(even beyond start-
ups)
•Boost in infrastructure
and affordable
housing
In this section..
01
The Mumbai
you know
01
01
TEAM’s vision:
MumbAI 2035
0103
Enablers to
consider
0104
The Mumbai
you don’t
0102
15

17. 1616
But there is another story of Mumbai, you may not have
heard of
45%
Profitable
unicorns &
soonicorns
25k+
Registered start-
ups in
Maharashtra
$17.5B+
Funding raised
by Mumbai
start-ups since
2014
10k+
Engineering jobs
created by start-
ups in Mumbai
$55B+
Valuation of
Mumbai based
start-ups
21
Unicorns in
Mumbai
Source: Pitchbook, Tracxn, S&P Capital IQ, INC42, Team analysis

18. 1717
The number of unicorns in Mumbai grew rapidly over the
last few years, and the ecosystem is poised for further
growth
~5%
~13%
~14%
~19%
4
18 19
6
1
20
16
2017
20
22
21
23
21
2024H1
~0%
~18%
~19% ~18%
21
# Mumbai Unicorns % share of unicorns in India
xx xx# of Mumbai Soonicorns % share of Unicorns & soonicorns in India Share of India’s VC funding
Continued focus
on growth
77%
Of startup CXOs and
founders surveyed
believe that targeting
new markets/
customer segments
would be their biggest
priority over the next
12-18 months.
43%
Of startup CXOs and
founders surveyed
believe launching new
businesses would be
the next major priority
over the next 12-18
months
Rapid
growth of
unicorns in
Mumbai
xx
17% 23% 23% 24% 26% 26% 25%20%
5 5 9 12 19 26 28 29
And a
healthy
pipeline of
soonicorns
% of Indian
VC funding
2 10% 13% 16% 19% 25% 18% 24%9%
Non-exhaustive
1.Yearly, distribution across top 3 states with start-up hubs- Karnataka, Delhi NCR Maharashtra
Source: Pitchbook, Tracxn, S&P Capital IQ, INC42, Survey of CXOs

19. 18
Mumbai’s entrepreneurial mindset has
encouraged start-ups to focus on
profitability and stable unit economics
Percentage profitable unicorns (%)
67%
in FY’23
Higher than
Bangalore and NCR,
showing a
consistent focus on
profitability
Pipeline of the next
wave of profitable
unicorns
~30%
soonicorns
profitable
in FY’23
55%
unicorns
profitable
in FY’22
unicorns
profitable
in FY’21
73%
Revenue per employee for start-ups in
Mumbai, higher than in other hubs in
India
$100,000+
To earn back revenue equivalent to total
funding received for unicorns; this is
faster than other hubs like Delhi and
Bangalore
3 years
70%
Of start-up CXOs and founders
surveyed in Mumbai expect their
EBITDA margins to rise by 10+ p.p.
over the next 3-5 years;
improved monetization/pricing
and optimized marketing
spending expected to be the
biggest drivers
The hustle culture and
“dhandha mindset” of
Mumbai are key drivers
in creating sustainable
growth of a profitable
start-up ecosystem in
Mumbai.
- Rajesh Jain,
Netcore
Mumbai has the
highest share of
profitable start-ups
today. People looking
for careers in a stable
ecosystem should
consider Mumbai. We
are also expanding our
engineering team by
20-25% year-on-year.
- Harsh Jain,
Dream 11
Source: Traxcn, Tofler, Expert conversations, and CXO survey

20. 1919
Source: Company websites (including, but not limited to, sources available at TEAM website)
Mumbai has become a thriving tech hub with multiple
ecosystem-building activities across the annual
calendar
4,000+
Footfall for
event
50+
Speakers
100+
Jobs
offered
30+
Start-up
pitches
World’s largest urban
governance and digital twin
initiative - Mumbai
Metaverse
World’s largest FinTech
conference, with the core
theme for 2024 being
“Responsible AI”
Mumbai Tech
Week – Feb 2024
Global FinTech
Festival – Aug 2024
45+ organizing start-ups from
TEAM
Holds the Guinness World
Record for the largest Gen
AI Hackathon (# of
participants)
Mumbai Hacks –
Oct 2024
2,000+
Hackathon
attendees
#1
Number of
participants in Gen-
AI hackathon
~12 L
Prize pool (INR) In partnership with
~400 project submissions aided
by mentorship from over 50
industry experts
100K+
Footfall for event
1,000+
Speakers
100+
Countries
represented by
delegates
~350
Global and
Indian exhibitors
Organized by key regulatory
bodies
Other start-up events in Mumbai include Mumbai Festival, Techsparks Mumbai, IIT Bombay’s E-
Summit, Global Startup Summit, TIE Mumbai

21. 2020
Mumbai’s start-ups have contributed 10-12% of the city’s
GDP growth
10,000+
Direct engineering jobs created by
Mumbai-based start-ups
$140M+
CSR contribution by Mumbai-based
start-ups in FY’23 alone
$75M+
Funding raised by women-led start-
ups in Mumbai
1.35Cr+
Students impacted through
Mumbai-based EdTech start-ups
$135B+
Total transaction value of the 3
biggest FinTech start-ups
$2.1B+
Total GMV of top 5 Mumbai based E-
Commerce start-ups
A
$17.5B+
Total funding received by Mumbai-
based start-ups1
~11%
Contribution to Mumbai’s GDP
growth from FY19-23
$2.3B+
Cumulative FDI in the gaming
industry alone till FY’22
~$6B
FY’23 revenue of Mumbai-based
unicorns and soonicorns
Driving economic growth
BPromoting sustainability and
inclusivity
CPropelling Mumbai and India
toward the Age of tech and AI
1. Between January 1, 2014 and June 30, 2024 (as reported by Inc42)
Source: Pitchbook, Tracxn, S&P Capital IQ, Inc42, Expert conversations

22. 2121
Mumbai’s large tech ecosystem goes beyond start -ups
Building
foundational infra
Plans to add a 40 MW data
center facility in Mumbai
Partnership with NVIDIA to
build AI computing
infrastructure and India’s
indigenous LLM
Jio and TM Forum open the
first Innovation Hub in
Mumbai
Industry
specific AI
chatbots
for 500+
partners
Offering 100
GB cloud
storage to
customers
Of
projects in
the
pipeline
100s
Building cutting-edge
tech
AI for optimizing
inventory,
reducing waste
AI for
personalizing
content
AI for recording
and transcribing
phone-calls
AI for accurate
disease
diagnostics
Consumption of tech and AI by Reliance Group
companies
Building tech infrastructure for in-house
consumption and the world
Jio is building a large talent pool and infrastructure base and driving consumption of cutting-edge
technologies
#1
Telco in India
with ~460M
subscribers
$12B
FY’24 revenue
for Jio
17%
Jio operating
revenue CAGR
from FY’20 to
FY’24
...with a massive tech talent base in
Navi Mumbai
25,000+
Workforce across
different Reliance
Group companies
500+ acre
Area of Reliance
Corporate Park in Navi
Mumbai
India’s first True 5G lab
to enable enterprises
and start-ups to
develop use cases on
Jio’s True 5G Developer
Platform
India’s largest telco..
Source: S&P Capital IQ, Company websites (including, but not limited to, sources available at Reliance corporate IT park), TRAI, Expert conversations
CASE STUDYNon-exhaustive

23. 2222
Contrary to common belief, numerous relatively
affordable residential alternatives exist in the vicinity of
Mumbai that could attract talent
…with a large inventory of new housing
options being added every year
3,500+
Housing units
launched in Navi
Mumbai in Q3 FY’25
~20%
Of overall Mumbai
housing launches are
in Navi Mumbai
~3,000
Housing units launched
in Thane in Q3 FY’25
16%+
Of overall Mumbai
housing launches
Navi
Mumbai
Thane
…there is a shift
towards affordable
housing…
Average rent for a ~1,200 sq.
ft. 2BHK home in Central
Mumbai is still ₹70-
75,000/month. However,
there is a shift toward
affordable housing options
in the vicinity of Mumbai.
₹30-35 K
Average rent for a ~1,000
sq. ft.1BHK in Thane, Navi
Mumbai is lower than in
Gurgaon and Bangalore.1
1.Rentals for a typical 2 BHK of 1600-2000 sq. ft in Gurgaon & Bangalore at ₹ 70-75k (Anarock and Knight Frank report)
2.Source: Anarock, Knight Frank report, For last 4 quarters, CXO survey, press search
3.Including Mumbai, Bangalore, Delhi NCR, Hyderabad, Ahmedabad and Chennai
Of start-up CXOs and
founders surveyed
believe that the cost
of living is a major
challenge for
attracting quality
talent to Mumbai.
While there is a
perception of high cost
of living in Mumbai…
Of start-up CXOs and
founders surveyed
believe that finding
affordable residential
areas close to
tech/business parks
remains challenging.
83%
66%
Highest number of
residential sales per
capita among the 6
largest cities in India
36,000+ residential units
launched in H1 2024 (vs
23,000 in Delhi NCR and
29,000 in Bangalore)
Non-exhaustive

24. 23
Investment for
Atal Setu and
Coastal Road
~$4B
Length of Atal
Setu + Coastal
Road
50+ Km
Investment for
Mumbai
metro Line 3
alone
$4B+
Length of
Mumbai metro
~340 Km
Length of
Mumbai-
Ahmedabad
Bullet train route
~500 Km
Investment for
Mumbai-
Ahmedabad
Bullet train
~$17 B
Goregaon
Lower
Parel
Andheri
Powai
Navi Mumbai
BKC
Upcoming Navi Mumbai airport
Nariman
point
International
Airport Mumbai
30-50 mins to
Powai, Andheri,
Parel, BKC
Within 30-50 mins
of Andheri, Parel,
BKC
Coastal
Road
Atal Setu
Navi Mumbai to Parel
in ~40 mins
Coastal road
Marine lines to T2
airport in ~20 mins
Mumbai to Pune in
~1.5 hrs
Mumbai-Pune-
Hyd. Bullet train
Mumbai to GIFT City
in ~3 hours
Mumbai-Ahmedabad
Bullet train
Map of Mumbai
Metropolitan Region
Kandivali
Thane- Borivali
Link Road
Mumbai Metro
14 metro lines with
225+ metro stations
4X people in the
day compared to
# of residents
Thane
Within 30-50 minutes
of Powai and Andheri
… with new
infrastructure
developments
underway,
office hubs
would be 30-
50 minutes
away from
these
residential
locations
Source: Press research (including, but not limited to, sources available at $2 bn Atal Setu to
boost connectivity with Mumbai amid India's infra push, India’s US$1.7 billion Mumbai
Coastal Highway, Mumbai Metro’s Aqua Line 3 project gets fast-tracked with Rs 33,000 cr
backing, Japan PM Abe to launch $17-billion Indian bullet train project as ties deepen)

25. 2424
CONTENTS
•Mumbai’s vision for
2035: Scale of unicorns,
contribution to the
economy and toward
nation-building
•How Mumbai is poised
to be an AI capital
•Parallels with New York
City and learnings from
its tech journey
•Green offshoots for
Mumbai
In this section..
01
The Mumbai
you know
01
The Mumbai
you don’t
0102
01
What more
needs to
happen
0104
TEAM’s vision:
MumbAI 2035
0103
24

26. 2525
TEAM’s Vision for MumbAI 2035
Mumbai could become India’s hub of AI adoption
and profitable innovation
Source: Niti Aayog, Ministry of Commerce, Pitchbook, Tracxn, S&P Capital IQ,
Inc 42
Trained AI professionals
Building India’s
next thriving
unicorn
ecosystem
Driving economic
growth through
entrepreneurship
Nurturing a
promising talent
pool and
building
capabilities
Unicorns in Mumbai
100+ 15%
Contribution to
Mumbai’s GDP
growth expected till
2035
$450B+
FDI over next 10 years
expected for
Mumbai-based
start-ups
50,000+
Direct tech jobs
created within
startups
80%+
Profitable unicorns
$140B+
Funds raised by
Mumbai-based start-
ups
2M+
Total tech talent pool
500,000+
Spearheading AI
adoption and
infrastructure
development
$6B+
In AI spends by
Mumbai-based
companies expected
in 2035
50%+
Of India’s data
center capacity, with
99.99% uptime

27. 2626
Mumbai’s unique advantage: A synergy of efforts across enterprises,
government, academia, and tech companies could drive innovation
Entrepreneurs
and start-ups
20+
Unicorns and
30+ soonicorns
04
Academia
35k+
Engineers
graduating yearly
05
Investments, AI adoption,
foundational infrastructure,
and research capabilities
could drive innovation,
enabled by…
Enterprises
50%+
Nifty 50 companies
located in Mumbai
01 $500M+
Annual
enterprise
spend on AI
80+
Already installed
data center capacity
(>50% share of
India’s overall
data center
capacity)
250+
Incubated start-
ups in IIT-B
(India’s #1 ranked
university)
Government
4x
Budget of BMC vs
Delhi and Bangalore
02 1400+
Governme
nt use
cases
adopted
99.9%
Uptime of data
centers
(highest in India)
$500M+
Total investments
in R&D
Investments
& funding
Consumers
Day-to-day
use cases
No role Philanthropic
grants03
Numerous other key enablers to support this ecosystem
Affordable living and
seamless connectivity
with tech parks
High quality of life
(safe, cosmopolitan,
diverse)
Policy support and
access to regulatory
bodies
TEAM and industry
associations driving
the ecosystem
AI
Adoption
Foundational
infrastructure
Research
grants
Detailed ahead
Source: BSE, IDC AI maturity study 2024, Inc 42, Press research (including, but not limited to, sources available at AI chatbot provides information on 1,400 public services in Maharashtra, Data Centers in Mumbai Dec
2024), Expert conversations

28. 2727
Mumbai has the potential to be the AI-adoption capital
of India
Mumbai is home to India’s largest
enterprises that are adopting AI rapidly
$500M
Government and PSU-led adoption of AI could
further drive this ecosystem to grow at scale
Government PSUs Government
Source: CXO survey, Company websites (including, but not limited to, sources available at HUL – AI for transforming consumer experiences, HDFC ERGO – Google partnership, Wadhwani AI – Pest management,
Qure.ai – BMC partnership), IDC AI Maturity Study 2024, Press research (including, but not limited to, sources available at AI and digital tech will reduce construction costs by 2-3%, SBI to use AI/ML to improve
customer experience and operations, BPCL's AI enabled chatbot 'URJA' enhances digital experience of customers)
73%
Of start-up CXOs and founders believe that the
government in Mumbai is a strong proponent
of AI adoption for public use cases.
50%
Non-exhaustive
Of start-up CXOs and founders believe that
Mumbai is more favorable than other hubs in
India w.r.t. enterprise adoption of emerging
tech like AI.
AI-enabled virtual try-ons and hair/skin
analyzers resulting in 5M+ trials and
2.5%+ conversions
Partnered with Google cloud to create
hyper-personalized customer experience
Adopted AI and digital technologies by
utilizing IOT for 15,000+ assets to save 2-
3% in project costs
AI spending by companies based out
of Mumbai in 2024 (assuming 20%+ of
India’s AI spending). Deployed AI-powered
chatbot with Haptik for
providing information
on ~1,400 public
services
Deployed AI-based
solutions with
Wadhwani AI for
cotton production for
15,000+ farmers
BMC deployed AI-
enabled healthcare
solutions with Qure.AI’s
partnership for 15+
Covid centers
Leverages AI to
enhance customer
experience across
its digital platforms
YONO
Deployed AI-
enabled chatbot
Urja for LPG
booking and petrol
pump
identification with
600+ use cases

29. 2828
Mumbai can draw several parallels with New York City’s
rapidly growing tech ecosystem
4-5% of India’s GDP, largest contributing city in India
50% of Nifty 50 companies have HQs in Mumbai
4-5% of USA’s GDP, largest contributing city in US
44 global Fortune 500 companies have HQs in NYC
Financial capital
cities
$1B+ in AI spending expected from enterprises in 2027
Jio has set up a corporate tech park with 25,000+ employees in
Navi Mumbai (leading research in AI, cloud, etc.)
~$125B in economic output by NYC tech ecosystem
IBM has invested ~$2B in an AI research center
GE has set up a ~325-acre AI research center
With massive
enterprise-led tech
adoption
Strong base of academia with institutes such as IIT-B, VJTI, ICT,
etc., with IIT-B attracting top IIT-JEE rankers
Multiple reputed universities such as Columbia, NYU, etc.
leading research in AI and cutting-edge tech
Strong academic
base
Leading cosmopolitan city in India, accepting of all diverse
cultures, #1 destination for Indians who return from abroad
Urban melting pot of world with 800+ languages spoken
50 M+ yearly tourists visiting Times Square
Cosmopolitan
culture
Ranks high on women’s safety and participation
Moderate pollution, reliable water, and electricity supply
40+ active Broadway theatres; 60+ Michelin restaurants
Central Park with an area of 800+ acres
And great quality of
life
4X daytime population in Central Mumbai vs residents
Average rent in Central Mumbai is ₹70-75,000 for 1,200 sq ft vs
₹35-50,000 for equivalent parts of Bangalore and Gurgaon
2X+ daytime population in Manhattan vs residents
Average rent in NYC is ~$3,500 per month (vs ~$1,600 US
average)
A high cost of living
in the heart of the
city
Growing affordable housing options with ₹25-30,000 rent in
Navi Mumbai, Thane, etc.
These are within 30-50 minutes from key office hubs with the
opening of projects like Atal Setu and Coastal Road
Presence of relatively affordable housing in Jersey City
(~$3,100 /month), Brooklyn (~$2,800) & Stamford (~$2,700)
Robust connectivity with Jersey (<30 mins) due to Holland
tunnel
Solved by affordable
housing options
nearby
Highest number of new AI and tech jobs in a city (more than
San Francisco or San Jose)
Home to 5 global top 50 AI start-ups
Fastest-growing AI and tech entrepreneurship hub in India
And so much more lies ahead for Mumbai…
Leading to a thriving
tech ecosystem
today and beyond
New York City – “The City of Dreams” Mumbai – “The Mayanagri”
Source: NYSE, BSE, Forbes Top 50 AI start-up list, Press research (including, but not limited to, sources available at New York's Economy: The 6 Industries Driving GDP Growth, New York Tops Destinations for
Relocating Tech Workers, Tracking the Return: The Tourism Industry in New York City, Spotlight: New York City’s Rental Housing Market), Expert conversations

30. 2929
New York City: Emerging as the next global tech and AI hub,
initiated by the rapid adoption of AI by large enterprises
New York has long been
economic capital of the world
NY based large companies
rapidly investing in AI
Large Tech companies are also
setting-up AI research in NY
•The headquarters of 44 Fortune 500
companies are in NYC
•Home to NYSE and NASDAQ, two of the
largest stock exchanges
•NYC alone has a GDP of
~$1.2T
1

This has led to the emergence of an
AI talent pool and AI-native companies in NYC
Fortune 500 companies in NY
Detailed ahead
CASE STUDY
IBM has invested ~$2B in an
AI research center
Central AI team in NYC
leading ~2,000 people
globally for AI research
Over 14,000 employees,
including research teams
for DeepMind, Gemini
Vaccine research lab on
~20-acre area leveraging
AI
Established Columbia
center of AI with $5M
investment
Invested $430M+ in for
800,000+ sq. ft. AI-enabled
data center
Fundamental AI research
center in NYC
GE has set up a ~325-acre
AI research center focused
on digital twins, energy
management, etc.
Non-exhaustive
1. Real GDP based on 2017 fixed prices | Source: Fortune, Company websites (including, but not limited to, sources available atJPMC – preparing workforce for AI, Pfizer - Data and AI are
Helping to Get Medicines to Patients Faster, GE – Digital Twin, Columbia center for AI technology), Press research (including, but not limited to, sources available at IBM Invests $2 Billion
in New York Research Hub for AI)

31. 3030
New York City: Attracting AI-native start-ups and talent
to the city
… with a robust ecosystem to support them
NYC is a leader in attracting talent…
New AI-native start-ups establishing their base in NY
Large AI start-ups are opening offices in NYC
CASE STUDY
Source: Forbes Top 50 AI start-up list, Expert conversations, Press research (including, but not limited to, sources available at New York Tops Destinations for Relocating Tech Workers,
OpenAI Is Putting Down Office Roots in New York, Cohere looks to open New York office as AI interest surges)
Non-exhaustive
Open AI is opening its
first office outside the
Bay Area in NYC
(~60,000 sq. ft. office)
The enterprise AI
platform has opened
its first office outside
Toronto in NYC
The AI and
analytics company
has opened a NYC
office
Highest number of new tech jobs vs any other city in the
US
1 of every 7 relocating
tech workers in US is
moving to NYC
NYC gained more tech workers
than any other US city last year,
with a net gain of 3.6% in 2023
Pinecone
~5
out of top 50
AI companies
1
Image and video
editing AI start-up
(with >200M raised)
Our media and advertising
customers are in NYC. AI’s use cases
require us to have deeper
understanding of industry, for which
NYC is most suitable.
~ Cristobal Valenzuela, CEO of Runaway
Gen AI and
database
software
AI in drug
discovery
and
development
Library for AI
models and
datasets
Enterprise
search
engine
100+ Accelerators900+ VCs
State-of-the-art academic AI research labs
NYU CILVR Lab Princeton NLPColumbia ML & Biology

32. 3131
New York City: AI leadership enabled by affordable
housing and the high quality of life in the tri-state area
Lincoln & Holland
Tunnels reduce NY-
NJ travel time by 20-
min
Upcoming Hudson
Tunnel under
Gateway Program
Lincoln & Holland
Tunnels reduce NY-NJ
travel time by 20
minutes
6 airports in
the vicinity
3 airports in the
vicinity
NYC-Stamford
in 50 minutes
by rail
CASE STUDY
…plus the high quality of lifeAffordable housing with robust connectivity to the financial district …
50M+ footfall at
Time Square
annually, enhancing
cultural experiences
~840 acres of
Central Park,
providing ample
space for recreation
and relaxation
~40 active
Broadway theaters,
providing
recreational options
60+ Michelin star
restaurants,
providing varied
dining experiences
2x
Population working in
the city on a weekday
(~4M) vs the number of
residents; others travel
into the city every day.
$2,700-3,100
Average rent in New
Jersey and Stamford is
less than the average
rent in San Francisco
and the Bay Area.
Source: NYU – Dynamic population of Manhattan, Anarock, Knight Frank report,

33. 3232
New York City: Policy and government adoption further
encourage the AI ecosystem
•Vision: In 2023, New York launched exhaustive action plan with 37 steps across
7initiatives (e.g., Building AI knowledge base, Supporting AI implementation,
Governance framework, External relationships, Public engagement, etc.)
•Implementation: 29 out of the 37 steps are being implemented within 12 months
4 different NYC government stakeholders plan to use AI for the
city’s benefit
Dept. of Transportation
•Check traffic signals
•Develop new methods to route traffic
around construction and accidents
Dept. of Environmental Protection
•Estimate city-wide water demand
•Detect leaks in sewer systems
Port Authority of New York
•Create a system for inspecting
bridges and tunnels
•Monitor traffic and incidents through AI
Mayor's Office of Sustainability
•Improve operation of city buildings
•Reduce energy waste with AI tools
Source: NYC AI Action Plan, New York State Emerging Technology Advisory Board report 2024
NYC Artificial Intelligence Action Plan launched in 2023
32
CASE STUDY
Non-exhaustive
Policy also encourages
funding and
partnerships...
1.Empire AI - Public
private partnership:
•$400M PPP with a
vision to make
NYC an AI leader
•Collaboration for
a computational
facility with Nvidia
and 7 leading
universities (CUNY,
SUNY, NYU,
Columbia, Cornell
Tech, etc.)
2.Multiple government
NYC venture funds
with 300M+ AUM e.g.
Seed fund (~$30 M),
Growth fund (~$135
M), Accelerator fund
(~$50 M+)
3.Excelsior tax credits
provide up to $500M
in tax credits annually

34. 3333
CONTENTS
•Key interventions
needed from
Government/ Policy
Makers, Enterprises and
Founders/ Founder
forums
•Select deep-dives (e.g.,
on government
adoption of AI)
In this section..
01
The Mumbai
you know
01
The Mumbai
you don’t
0102
TEAM’s vision:
MumbAI 2035
0103
01
What more
needs to
happen
0104
33

35. 3434
Realizing the vision for MumbAI: Potential enablers to
consider
1. AePS: Aadhar Enabled Payment System | DPI : Digital Public Infrastructure
Area Potential enabler
Talent
Adoption
Infrastructure
Policy
Explore initiatives to enhance the AI talent pool and research capabilities through:
—Creating 5+ AI-focused B.Tech programs.
—Planning to add 15,000+ AI-ready professionals each year from engineering institutions.
—Designating grants to scale up research in emerging areas.
—Driving 10+ industry collaboration projects with academia, with $10M+ budget.
Consider creating new opportunities for tech and AI talent in Mumbai through:
—Setting up new global capability centers (GCCs).
—Offering internships for local talent.
(TEAM members could) Commit to upskilling 100,000+ professionals in Mumbai through:
—Tailoring training programs based on skill levels
—Funding AI upskilling from academic institutions
Attempt to solve ~10 public sector challenges (e.g., healthcare, agriculture) through regulatory
sandboxes with startups, allowing start-ups to innovate and test solutions.
(10+ Nifty 50 companies could) Commit to AI adoption and tech spends with Mumbai -based start-
ups, AI innovation funds, or accelerators.
Consider attracting housing projects and tech parks to affordable areas and incentivizing technology
companies to relocate to developing areas
(Real-estate companies could) Invest in housing, tech parks, co-working spaces, etc. in developing
areas such as Thane, Navi Mumbai
Consider collaboration on 5+ projects (e.g., AePS
1
, UPI 123Pay, and Hello UPI expansion to improve
financial inclusion) with government bodies such as NPCI, RBI to improve India's DPI
Consider drafting an AI policy that covers adoption commitments, subsidies, infra funds, academic and
research funds, ethical and open data guidelines.
3A
4A
3B
3C
2B
2A
1A
1B
1C
Case studies aheadXxGovernment Enterprises Universities TEAMPotential stakeholders:

36. 35
1A, B: Scaling up cutting-
edge research and
upskilling AI talent
CASE STUDY
50%+
Of start-up CXOs and founders believe that
Mumbai is unfavorable vis-à-vis other hubs
w.r.t. availability and quality of talent.
Industry integration with academic
institutions in NYC
Universities in Silicon Valley leading
entrepreneurship
Scaling up the volume of skilled AI professionals and cutting-edge
AI research could elevate Mumbai to be the leader in AI adoption in
the country
Scope: Availability of 15,000+ AI-ready professionals yearly due to:
— Integration of AI/ML into the Computer Science curriculum across
Mumbai colleges
— Creation of dedicated programs such as B.Tech/minors in AI/ML
— Establishment of AI research centers and innovation hubs at leading
academic institutions and dedicated grants/funding for AI research
Metrics:
— Number of AI research publications
— AI talent pool growth (# of AI graduates)
— Industry-academia collaborations (# of $10M+ projects)
— Employment rates and new job listings in AI
Time horizon: 3-5 years
Key stakeholders: Government bodies, academic institutions, tech
companies
Steps for consideration:
— Suggest AI/ML courses and projects for all Computer Science
courses
— Offer incentives for AI research and publications
— Offer grants for research into AI and other emerging areas
— City-wide hackathons can provide opportunities for talent to
showcase skills and improve exposure
Collaboration for computational facility with
Nvidia and 7 leading universities (e.g. CUNY,
SUNY, NYU, Columbia, Cornell Tech, etc.)
$10M Columbia-Dream Sports AI Innovation
Center
Set up Fundamental AI research at NYC
Context: Universities in NYC, with 12,000+ students graduating
annually, have structural partnerships with tech companies
for opportunity creation
1st and 2nd in number of VC-backed start-
ups by alums
Context: Universities in Silicon Valley have the strongest
ecosystems and alumni networks that help nurture start-ups
Stanford’s on-campus accelerator StartX
has ~18 unicorns
Non-exhaustive

37. 36
1C: Making TEAM
commitment to upskilling
AI talent
Microsoft’s ADVANTA(I)GE India program
IBM’s global AI upskilling initiative
CASE STUDY
53%
Of start-up CXOs and founders believe that
availability of talent is the biggest challenge
w.r.t. AI adoption.
Coordinated efforts from TEAM members to scale up the
availability of skilled AI professionals through upskilling initiatives
could foster a robust AI talent pool in Mumbai.
Scope: Upskilling of 100,000+ professionals in Mumbai through:
—Potential creation of AI training programs tailored for
different skill levels, from beginners to advanced
professionals
—Offering of internships and apprenticeships in AI-related
roles
—Funding of AI certifications for employees at academic
institutes
Metrics:
—Number of participants
—Completion rates for programs
—Job placement rates
Time horizon: 3-5 years
Key stakeholders: TEAM members, academic institutions
Steps for consideration:
—Announce total talent expected to be upskilled by TEAM
companies (e.g., number of employees to upskill, targeted
timelines)
—Create a steering committee of TEAM and academic partners
—Work with government agencies to identify opportunities for
AI-enabled talent
•To upskill 30 million people by 2030, IBM is forming
new academic and industry partnerships and
creating in-demand content, including AI
fundamentals and advanced generative AI
coursework.
•Initiatives include IBM SkillsBuild, in partnership with
the USTA Foundation, to provide career readiness and
AI training to ~25,000 under-resourced youth in
the US
•>11.5 million learners were already engaged by 2023
•$3B investment in India to expand cloud and AI
infrastructure, enhance skill development, and drive
innovation. The program targets training 10 million
learners in AI skills by 2030.
•Initiatives are guided by principles of fairness,
reliability, safety, privacy, inclusiveness,
transparency, and accountability, with a focus on
scalable AI computing for start-ups and research
communities.
•2 million learners were already upskilled by 2024
(initial timeframe was 2025)
Non-exhaustive

38. 37
2A: Accelerating
government adoption of
emerging tech
~1%
GDP committed to scientific research
$740M
Investment in AI (including $375M for AI
compute)
Safety and
security
Border clearance
operations
Healthcare
Chronic disease
prediction and
management
3
24
15
5
National
AI
projects
in SG
Education
Personalized
education and
career help. e.g.,
Jumpstart
Smart city
Seamless Municipal
services e.g.,
OneService
Transport &
logistics
Intelligent freight
planning
Context: Singapore is the first SEA country to
adopt a national AI strategy
CASE STUDY
Singapore government’s adoption of AI
Several challenges such as traffic congestion,
healthcare, agriculture, etc. offer scope to use AI for
enhanced efficiency.
Identifying the top 10 challenges and engaging with
start-ups to use AI-based solutions could help overcome
these challenges
Scope: Creating regulatory sandboxes for start-ups to
pilot and solve the most pressing, top 10 public problems
Time horizon: 1-2 years
Key stakeholders: Government bodies, research
institutions
Metrics:
—Improved security (reduced safety incidents
reported)
—Increased efficiency (labour productivity uplift)
—Public satisfaction (measured through surveys)
Steps for consideration:
—Identifying the top 10 use cases for deployment
—Developing a 12–18-month roadmap to engage and
evaluate regional AI and AI-adjacent businesses
—Collaborating with the SMB sector to identify critical
challenges faced by them that AI and tech can solve
—Identifying 25-50 start-ups to solve public
challenges through events such as hackathons
—Monitoring, evaluating and learning
Source: National AI Strategy 2019, Singapore economic development board
(National AI Strategy 2.0 launched in 2024)
Non-exhaustive

39. 38
3: Further reducing the
cost of living in Mumbai
•Silicon Valley has created structural
interventions to make up for the high cost of
living in the area. New locations with affordable
housing are identified and residential zones are
developed (Fremont has companies like Tesla
(previous HQ), Lam Research, and Western
Digital).
•Co-living (e.g., Common, Coliving.com, Founders
house) and co-working spaces (e.g., Regus,
Spaces, Founders floor) have proliferated
•The area developed good connectivity through
roads and Caltrain to ease distances for those
living in lower-priced areas
Silicon Valley has
2,000+ large tech
companies
concentrated
across a 25-mile
stretch
Scope:
—Consider creation of policies to develop affordable
housing projects in proximity to new tech parks
—Consider incentives for tech companies to set up
operations in affordable areas such as Navi Mumbai and
Thane
—Consider investment in improving transportation,
utilities, and other essential infrastructure around
affordable regions
—Potential partnership with real estate developers to
develop affordable housing and tech parks
Time horizon: 3-5 years
Key stakeholders: Government, real estate companies
Metrics:
—Cost of Living index (vs other cities)
—Housing affordability (% of new units at affordable rates)
—Business relocation and expansion (average rental
trends)
Steps for consideration :
—Creating a plan outlining specific goals, timelines,
actions, and budget allocation for reducing the cost of
living and developing tech parks
—Identification of affordable regions (e.g., Mumbai-Pune
highway)
—Create a policy for incentivizing stakeholders to ensure
movement to affordable areas
CASE STUDY
Silicon Valley’s solution to the rising
cost of living
The average rent per sq. ft. in Mumbai is >2x that of other Tier
1 cities in India – the biggest challenge for attracting talent to
the city.
Further reducing the cost of living and developing tech parks
in more affordable areas could create an expansive tech
environment
Source: Expert conversations
Non-exhaustive

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