Mumbai City entered the final as the premiers of the regular season, having edged out ATK Mohun Bagan on head-to-head record with a 2–0 win on the final matchday after the teams finished level on points.[2] It was Mumbai City's first final, having previously lost in the semi-finals in the 2016 and 2018–19 seasons.[3] Mumbai City defeated FC Goa in the semi-finals in a penalty-shootout after the two finished 2–2 over aggregate.[3]
ATK Mohun Bagan also competed in the final for the first time, after they were formed prior to the season from a merger between the Kolkata clubs ATK and Mohun Bagan. ATK was the defending Indian Super League champions having defeated Chennaiyin in the final in 2020.[4] ATK Mohun Bagan reached the final, having seen off third-place NorthEast United, by an aggregate score of 3–2 in their semi-final clash.[5]