Mumbai: Noted investor, former CFO at Infosys and "a Bangalorean at heart", T V Mohandas Pai has responded to Maharashtra Chief Minister Devendra Fadnavis’s claim that startups from Bengaluru are migrating to Mumbai, offering a lighthearted take on the competition between the two cities.
“Bengaluru is the biggest tech hub in the world in terms of human capital. It is the richest city in India, with a per capita income of $15,000—higher than Mumbai. Maybe we’ll spare a few startups to help Mumbai catch up,” Pai remarked, underscoring Bengaluru’s dominance in the technology ecosystem. Pai was speaking to "The Bridge Chronicle" on the sidelines of TiEcon Mumbai 2025.
Fadnavis recently stated that Mumbai is attracting startups from Bengaluru, positioning Maharashtra as a growing digital powerhouse. While Pai acknowledged Maharashtra’s economic strength, he cast doubt on the extent of the so-called reverse migration, saying, “I live in Bengaluru, and I haven’t heard of this trend. But the Chief Minister likely has more data than me.”
Despite the friendly rivalry, Pai emphasized that India’s digital success depends on multiple states fostering strong startup ecosystems. “If every state progresses, India as a whole benefits. Maharashtra should focus on executing its vision by identifying key technology sectors, setting up incubators, and ensuring sustained investment,” he suggested.
Pai encouraged Fadnavis to take decisive action to transform Maharashtra into a leading tech hub. He proposed establishing a Maharashtra Digital Mission, focusing on AI, machine learning, fintech, and advanced manufacturing. He also advocated for positioning Mumbai as the global fintech capital and strengthening its collaboration with Bengaluru.