Mumbai, often celebrated for its dynamic culture and economic prowess, is quickly emerging among the preferred startup destinations for investors and startups alike. Home to startups including Pepperfry, PharmEasy, Pine Labs, BookMyShow, CitiusTech, Dream11, Eruditus, Fino, Games 24×7, Haptik, Purplle, Shaadi.com, Upgrad, Upstox, and Zepto, Mumbai has firmly established itself as a powerhouse for innovation and entrepreneurship in India. 

The city is not just a hub for men-led startups, but Mumbai proudly stands as the second top city in the country for women-led startups, with an impressive count of 1,480.

This exponential growth would not have been possible without the backing of angel investors who support these innovative startups in their initial days, providing not just financial resources but also valuable mentorship and access to extensive networks.

Top 5 Most Active Angel Investors in Mumbai

If you are looking for an angel investor to back your startup, The StartupLab has prepared a list of top Angel Investors in Mumbai. To make the most of this list, choose an angel investor whose experience and network can help your startup grow faster.

1. Apoorva Ranjan Sharma

Dr. Apoorva Ranjan Sharma is one of the most influential figures in the Indian startup funding space and is considered one of the founding fathers of the startup ecosystem in India.

Co-founder and president of Venture Catalysts, Dr. Apoorva Sharma, over a span of two decades, has curated, incubated, and led seed investments in 100+ startups. OYO Rooms is the biggest success story of accelerators in India, followed by Beardo, which got acquired by Marico Ltd. Both startups were curated, mentored, and seed sourced by Dr. Apoorva Sharma.

A renowned name in the angel investing space in Mumbai, the leadership & passion of Dr. Sharma has motivated thousands of investors to dive into the world of startup investing. Some of the firms he has invested in include Inc42, EasyRewardz, Faarms, Coutloot, Renee Cosmetics, and Supr Daily.

2. Ratan Tata

Sir Ratan Tata, a name synonymous with humility and unparalleled success, has shaped India’s Tata Group and the world with his generosity and visionary leadership. Celebrated not just as a colossal figure in the business world but also for his philanthropic heart, Sir Tata, honored with the Padma Bhushan and Padma Vibhushan, lives a life of simple principles yet profound impact. 

In the startup investing space, Sir Tata has made 54 investments, with 9 unicorns in his portfolio. A few startups in which Sir Tata has invested include Cure.fit, CarDekho, Paytm, Ola, and Goodfellows, with Lenskart and FirstCry among his 9 unicorn startups.

3. Kunal Shah

Kunal Shah is a popular entrepreneur and a renowned angel investor. Famous for his curious nature and thought-provoking social media content, Mr. Shah had his first success as a big-time entrepreneur when he co-founded FreeCharge in 2010, which, in 2015, was acquired by Snapdeal.

An active angel investor, Mr. Shah is also an advisor in several organizations like AngelList, Bennett Coleman and Co. Ltd. (Times Group), Sequoia Capital, and the India division of Y Combinator. 

Currently, the founder of a unicorn fintech startup Cred, Mr. Shah, has made 254 investments across diverse sectors such as fintech, AI and ML, consumer, and enterprise applications. A few notable startups in which Mr Shah has invested include Segwise, Pep, NeoDocs, Blitz, and VRO Hospitality, with Shiprocket and Razorpay among the 12 unicorns in his portfolio.

4. Anupam Mittal

With over 20 years of experience as a tech entrepreneur and investor, Anupam Mittal has invested, built, and scaled several successful companies and brands in the tech and D2C sectors, such as Shaadi.com, Makaan.com, and Mauj Mobile. 

Mr.Mittal is the Founder & CEO of People Group, a well-renowned operator and investor in tech and D2C companies, including Shaadi.com, the world’s leading matchmaking company. He is on a mission to create value and impact through innovation, technology, and customer-centricity. 

Also a Shark at Shark Tank India, Mr.Mittal has invested in over 200 tech and brand startups, ranging from Ola, Animall, Agnikul, FarEye, NxtWave, Quizzez, Druva, Rupeek, and several D2C companies like Shark Tank Featured Skippi, Zillionaire, & Whatsup Wellness. 

5. Sandeep Tandon

Sandeep Tandon is the head of Tandon Group, a firm that owns several successful businesses and provides resources to startups. Mr.Tandon, a technology entrepreneur, mentor, and investor, has been actively involved in the technology industry for over two decades.  

Along with his work at Tandon Group, Mr. Tandon co-founded FreeCharge and now wears the hats of chairman at Infinx Healthcare and director at Syrma Technology.

Mr.Tandon has made 34 investments across diverse sectors, such as Alternative Lending, Buying & Selling Used Cars, and B2B Agri-Marketplace. A few startups in which Mr.Tandon has invested include Progcap, Jupiter, Raise, and Genius Teacher, with 6 unicorns in his portfolio, including CRED and Razorpay.

Final Words: 

Having an angel investor backing your startup can provide a significant boost and guide your early journey in the right direction. Despite 2023 being the lowest-funded year for Indian startups in the last 5 years, angel investments in Mumbai and other startup hubs have maintained their momentum.

In 2023, We Founder Circle (WFC), a Mumbai-based network of angel investors, emerged as the most active angel investment platform for the second consecutive year with 82 investments, underscoring that investment activity among India’s most active angel investors has been relatively steady. This also highlights that investors are willing to support innovative Indian startups, provided they consistently showcase promising growth prospects.

However, before approaching investors, it’s crucial to ensure your ideas have not only been thoroughly vetted but also demonstrate a strong market fit. Make sure you’ve got a detailed business plan prepared and a solid grasp of the latest market trends in your field.

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