Mumbai reinforced its position as one of India’s most influential entrepreneurial hubs as Avendus Wealth and Hurun India unveiled the third cohort of the Avendus Wealth, Hurun India Uth Series 2025. The
U40 List recognises 201 exceptional young leaders who are shaping the future of Indian industry through innovation, scale and global ambition.
Announced at a press conference, the list highlights founders and leaders under 40 who are building businesses across sectors ranging from finance and technology to manufacturing and consumer brands.
Mumbai Ranks Second with 43 Young Entrepreneurs
Mumbai secured the second position nationally, with 43 entrepreneurs featured on the list. The city is home to prominent names such as Vidhi Shanghvi, Eapen Alexander Muthoot and Rajiv Poddar, reflecting the city’s growing influence beyond traditional finance into consumer focused and new age businesses.
Bengaluru retained the top spot, while Gurugram followed Mumbai with 24 entrepreneurs. New Delhi, San Francisco and Hyderabad recorded 19, 13 and 8 entrants respectively, underlining the spread of Indian entrepreneurial talent across both domestic and global centres.
Financial Capital Advantage Drives Mumbai Growth
Apurva Sahijwani, Managing Director and Chief Executive Officer of Avendus Wealth Management, pointed to Mumbai’s structural advantages as a key reason for its strong showing.
He said Mumbai’s dominance is closely linked to the deep roots of the finance and fintech ecosystem. While Bengaluru benefits from a strong software and angel investment culture, Mumbai has emerged as the preferred base for financial services and consumer centric companies. With regulatory bodies, capital markets and financial institutions headquartered in the city, companies often gravitate to Mumbai as they scale, even if they begin operations elsewhere.
Education and Global Footprint on the Rise
The U40 List yet again reaffirms the catalyst role the IITs play for young entrepreneurs in India with many on the list being alumni from these premier institutions across the country. Moreover, global cities like New York, London and San Francisco also feature prominently, signalling the growing international footprint of Indian entrepreneurs.
As Mumbai’s market becomes increasingly vibrant, the city continues to attract ambitious founders who see it as the long term base for building enduring businesses.
