Start-up success: Does the city matter?
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Mumbai-based companies had the highest success rate in terms of raising a follow-on round or providing an exit to its existing investor. Mumbai start-ups also showed a healthy mix of sectors being funded—be it B2C, B2B, enterprise software, financial technology, etc.
Mumbai companies which raised follow-on funding include Ola, Goqii (wearables), Mswipe (payments) and PrettySecrets (Innerwear). Mumbai companies that shut down include Purple Squirrel, Fetise (apparel) and LocalBanya (hyperlocal).
All of these companies have been angel funded in the past. The study, conducted by Venture Intelligence, included companies that raised angel investments in the 2010-2014 period across Bangalore, Chennai, Mumbai and National Capital Region.