Hurun India List 2025: Why Mumbai Is the Epicentre of Women Leadershipa & Financial Services Their Launchpad

If leadership is born of opportunity and ecosystem, then Mumbai is its perfect incubator. According to the 2025 Candere Hurun India Women Leaders List, Mumbai is home to 38 of India’s most influential women leaders — the highest of any city. And in terms of sectoral strength, financial services lead the list with 23 women at the helm.

But why Mumbai? And why finance?
In an exclusive conversation with Republic Business, Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, explains the confluence of geography, sector strength, and emerging generational trends that have made Mumbai the heart of India’s women-led leadership revolution.

Mumbai: Where Capital Meets Capability
“Mumbai is the financial capital of India. Most of the super valuable companies, banks, insurers, VCs, and NBFCs are headquartered here,” Anas noted. “So naturally, it’s a hotbed for wealth and value creation.”

The list backs him. From Shanti Ekambaram, Deputy MD of Kotak Mahindra Bank (Rs 3.81 lakh crore valuation), to Vibha Padalkar at HDFC Life, Parminder Chopra at PFC, and A. Manimekhalai at Union Bank of India — many of the highest-valued companies led by women are Mumbai-based.

Financial Services: Sector with the Most Women
The financial services sector features 23 women leaders — the highest across all industries. Anas attributes this to three factors:
Structure & Policy: Regulated industries offer clearer career ladders.
Access to Capital: Mumbai’s dominance in banking and finance means more women rise from within.
Progressive Leadership Pipelines: Established banks are actively grooming diverse boards and C-suites.

The report also points out a performance metric: “A. Manimekhalai’s Union Bank stock jumped 190% since her leadership began in 2022. That’s the highest among top 10 professional women.”

Gen Next: The Women of Tomorrow Are Already Here
While Mumbai’s legacy institutions lead today, its startup and fintech ecosystem are preparing for tomorrow. The list shows that 25% of the featured women are between 26–35.
Names like Devanshi Kejriwal (Skillmatics), Kavitha Subramanian (Upstox), and Adwaita Nayar (Nykaa) are all based in Mumbai — and all building or scaling major consumer and fintech ventures.

From Dalal Street to Instagram: The Rise of Financial Influencers
Mumbai isn’t just home to banks and brokers — it’s also birthing a new breed of financial influencers.
Neha Nagar, a Mumbai-based finance creator, makes tax and investing relatable to her 1.9 million followers.
Rachana Ranade, with a massive social following, educates young Indians on wealth planning and equity markets.

“Influencer-led businesses are the next wave,” Anas added. “They’re changing the consumer narrative and building trust where legacy brands struggle.”
 

Women-Led Value Creation Beyond Finance
While financial services is the top sector, consumer goods (18) and healthcare (14) are not far behind. Mumbai also leads in these sectors — think Falguni Nayar of Nykaa (Rs 29,000 Cr wealth), Shivani & Saloni Wagh of Supriya Lifescience, and Swati Dalal of Abbott India.

Even in philanthropy, Mumbai shows up strong with names like Leena Gandhi Tewari (USV) and Archana Chandra (A.T.E. Chandra Foundation).

Will the Future Stay in Mumbai?
Not entirely. Anas cautions that while Mumbai leads today, other cities are rising fast:
“Ahmedabad and Hyderabad are gaining ground. Hyderabad recently surpassed Bengaluru in our rich list for new additions. Over the next decade, tier-2 cities will produce more women leaders.”

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Hurun India List 2025
Among the standout achievers in the 2025 Candere Hurun India Women Leaders List is Rohini Nilekani, who tops the philanthropy pillar with Rs 154 crore in donations through her eponymous foundation. In the investment category, Shweta Jalan, Managing Partner at Advent International, represents the rising force of women shaping India’s private equity landscape. At 87, Arpita Singh leads the artist category with Rs 22.9 crore in artwork turnover, demonstrating that cultural impact transcends age. On the influence front, Mrunal Panchal of MRUCHA Beauty dominates as the top influencer-founder with 5.5 million Instagram followers, while Bollywood star Shraddha Kapoor, with a staggering 94.1 million followers, tops the celebrity investor list, signifying how modern women leaders are just as powerful in digital reach as they are in capital ventures.

From corporate titans to cultural icons, from money managers to media disruptors, Mumbai offers the ecosystem and financial services the engine for India’s women to lead.