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The ‘Bottom of the Pyramid’ or BoP represents the population living at the lowest level of the economic or income pyramid across the world (Prahalad, 2002). The BoP approach undoubtedly provides a market-based solution for poverty reduction and facilitates inclusive economic growth. This segment can be classified into two parts, namely, rural BoP and urban BoP. The urban BoP is a more sustainable and viable option for companies to operate in, since it strategically avoids the numerous challenges faced by the rural BoP. Rural BoP is relatively more distant, dispersed, desperately poor, largely illiterate and heterogeneous market (Ireland, 2008). This chapter aims at understanding and characterising the urban BoP market. Further it shares some interesting results of an empirical study conducted to understand the urban BoP consumers of Mumbai city. The study assumes importance as it focusses on the urban BoP as a realistic option to operate in the BoP by removing the dynamic barriers of the rural BoP. Additionally, it provides insight into the urban BoP market and its consumer behaviour.