Maharashtra bets on AI with M-Hub, innovation centre in Navi Mumbai

The Maharashtra government is positioning Mumbai as an artificial intelligence (AI) hub, a significant move to compensate for the missed opportunity of establishing a vibrant startup ecosystem in the state, akin to Bengaluru and Hyderabad.

 

Setting the ball rolling, the state is set to launch its first M-Hub for startups, along with a 330-acre innovation centre in Navi Mumbai, as part of its renewed push for technological leadership.

 

Chief Minister (CM) Devendra Fadnavis on Friday said the state did not create a robust infrastructure in Mumbai between 2009 and 2014, leading to high cost of living, prompting startups to move to cities like Bengaluru and Hyderabad.

 

 

“It became unaffordable for the IT-enabled industry to stay in Mumbai. The IT (information technology) revolution went to these cities because of our inefficient working. But we have started working on that after 2014,” Fadnavis said at the second edition of Mumbai Tech Week.

 

Fadnavis, who first became chief minister in 2014 and is now in his second term after a break, said the state will launch a startup incubator called M-Hub. “We want to create a lot of space which is plug-and-play in Navi Mumbai. It will be comparable to Bengaluru and Hyderabad.” 

 

The CM also highlighted how technology is impacting every sphere of our lives, and one needs to catch up early. ‘Technology’ is something that can accelerate growth. He also added this will be important for the state which has a target of becoming a $1 trillion economy.

 

When it comes to the state’s technology ability, he said that Navi Mumbai commands 60 per cent of India’s data centre capacity.

 

Along with partnership with Mumbai Tech Entrepreneurs Association of Mumbai (TEAM) at the Mumbai Tech Week, the Maharashtra government announced a slew of measures that also included setting up of an Entrepreneurship Museum, the State government also signed a Memorandum of Understanding (MoU) with Meta to integrate AI into governance.

 

TEAM also announced the launch of TEAM Angels, a founder-led investment collective, where founders pool capital to invest in Mumbai-based startups. The initiative will provide capital, mentorship, and access to industry networks to backing Mumbai’s brightest early-stage startups Headquartered in Innovation City, its sole focus will be supporting Mumbai-based startups through structure and funding.

 

TEAM Angles will start at ₹50 lakh, and go up to ₹5–6 crore per startup for equity stake.

 

TEAM along with McKinsey & Company launched the ‘MumbaiAI 2035’ road map. The report expects Mumbai to have over 100 unicorns in Mumbai by 2035, of which over 80 per cent startups would be profitable and would have raised $140 billion.