Founded in 2008, the team is owned by India's biggest conglomerate, Reliance Industries, through its 100% subsidiary IndiaWin Sports. Since its establishment, the team has played its home matches in the 33,108-capacity Wankhede Stadium in Mumbai.

In 2017, the Mumbai Indians became the first franchise to cross the $100 million mark in brand value among the IPL franchises.[3] The brand value of Mumbai Indians, in 2019, is estimated to be around ₹809 crore (roughly $115 million), the highest among all the IPL franchises for the fourth consecutive year.