What’s driving start-up culture in Mumbai?

The National Association of Software and Services Companies (NASSCOM) have estimated that India will have 10,500 startups by the end of 2020. Within the metropolis, Mumbai has emerged as one of the most viable and infrastructural supportive markets for start-ups. Furthermore, government initiatives have also been conducive towards the start-up culture. Southern cities such as Bangalore and Hyderabad are yet preferred for any start-up company but recently Mumbai has made tremendous growth with very well developed and high tech commercial structures such as Cnergy In Thane which have allured dreamers and achievers to form their base to Mumbai.

Offers Affordability

Young entrepreneurs looking to start their ventures are attracted towards the city due to its financial power and rational background with favorable social amenities. However, not all locations in Mumbai have championed the affordability factor as effectively as Thane. Ongoing commercial projects in Thane such as Sheth Cnergy due to its strategic location, facilitative neighborhood, plenty of social amenities and investments within the means for startup is highly prioritized by entrepreneurs.

Such office spaces with a plethora of relevant amenities help empower start-ups with robust business growth in the future. Sheth Cnergy offers opportunities to avail a perfect workspace with its connectivity and proximity to thane’s platinum belt.

Government initiatives including Ease of Doing Business’ and the thriving ecosystem of Mumbai have given a boost to the city’s start-up culture.

Listed below are the key growth stimulators that have led to an increase in the number of start-ups in Mumbai:

Favorable commercial real estate destination

Start-ups in Mumbai face affordability issues thus prefer renting out offices that are light on budget and have good connectivity. Renting an office in Central Business Districts (CBDs) such as Bandra Kurla Complex (BKC) and Lower Parel are out of the reach of start-ups due to their sky-high rents. Thane and Powai, have become the popular choice for tech and corporate companies due to its mushrooming start-up ecosystem, affordable rentals and proximity to larger business hubs.

Support given by the government

The Maharashtra government finally since the last 3-4 years is showing solidarity and support through proactive means in terms of funds distribution, access to government resources and providing noteworthy benefits to startups in the State. Not only has the local government organized entrepreneurship and investment summits, it even approved a network of 16 startup incubator centers to foster the entrepreneurial talent present in the State and offer them a startup ecosystem. Therefore, there has been a phenomenal growth in the number of start-ups in Mumbai due to the slew of measures taken by the government that has thrown open new opportunities for entrepreneurial growth.

Challenges

One of the biggest challenges for Mumbai-based start-ups has been the skyrocketing real estate and rental values that have prompted young entrepreneurs to move towards Southern cities such as Bangalore and Hyderabad. Finally, this primary issue has been addressed by reputed Developers such as Ashwin Sheth through their project Sheth Cynergy. Another major challenge is the commute time taken by start-up professionals to reach from one point to the other, therefore an area like Thane which has gradually grown leaps and bounds in all-round aspects not only boasts of superior commercial constructions with world-class designed spaces and amenities but also is seamlessly connected to commercial hubs across Mumbai through a competent rail and road system.

Therefore, commercial property in Thane has propelled Mumbai further in the startup race and is driving its start-up economy.

Mumbai which is already a hub for real estate investments is now is home to multiple conglomerates, legacy businesses, and financial institutions. Indians financial capital which is also the world’s biggest entertainment industry is now gearing top speed in start-up cultures.

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