Maharashtra Chief Minister Devendra Fadnavis declared on Friday that Mumbai is rapidly evolving into India’s foremost startup hub, with business founders now returning from Bengaluru.

Speaking to Moneycontrol’s Managing Editor Nalin Mehta at the Global Wealth Summit in Mumbai, Fadnavis emphasized the city’s remarkable expansion in the startup ecosystem, leading to soaring valuations in the investment landscape.

“There was a phase when innovators established their ventures in Mumbai but later shifted to Bengaluru. Now, we are witnessing a reversal of this trend,” he remarked, indicating a transformative shift in the nation’s entrepreneurial scene.

The senior BJP leader asserted that Mumbai is now surpassing Bengaluru as the most sought-after city for startups. “Mumbai has emerged as the startup capital,” he said, further stating that Maharashtra leads both in the sheer volume of startups and the capital they attract.

Highlighting the state’s dominance in fintech, Fadnavis stated that a majority of fintech firms now operate from Maharashtra. He reinforced Maharashtra’s role as the country’s undeniable fintech and data hub.

He also stressed that Maharashtra is now India’s nerve center for data-driven industries.

Beyond startups, Fadnavis reaffirmed Maharashtra’s status as the top investment destination, citing its overwhelming lead in foreign direct investment.

“Maharashtra has attracted three times the FDI compared to Gujarat,” he asserted, reinforcing the state’s position as a powerhouse for economic growth.