I have friends from both IIM Indore (Mumbai campus) and Welingkar, and here are some facts about the institutes based on the conversations I had with them. 

• Brand Name: When particularly considering the brand value of either institute, IIM Indore (the Navi Mumbai campus) is several steps ahead of Welingkar.
• Rankings: IIM Indore has rankings and can be considered better, as compared to Welingkar.
• Infrastructure-wise: The infrastructure of Welingkar is comparably better than IIM Indore as of now. However, the infrastructure of an institute should not alone be the deciding point of whether or not it is worthy. 
• Quality of Students: The quality of students is comparatively better at IIM Indore, which clearly translates to students performing reasonably better in competitive exams like CAT and other relevant ones. 
• Placements: The only downside, of IIM Indore (Navi Mumbai campus), is its placements. Since students from this campus compete against IIM Indore students during the final placement session, their chances of being recruited get slightly deducted. Provided the circumstances, Welingkar can be possibly seen as a better option. According to the recent highlights the average CTC offered at IIM Indore (Mumbai) campus is around 12 LPA, while the average CTC for Welingkar is around 8 LPA. 
• Locational Advantage: In terms of the location, Welingkar is ahead since it is located in the Matunga/Dadar area. It is in close proximity to the business hub of the city
• Fee Structure: Considering the program fees, the immediate ROI of Welingkar will be supposedly higher than what it is in IIM Indore (Navi Mumbai campus). Welingkar costs almost 10 - 11 Lacs, while IIM Indore (Navi Mumbai campus) will comparably cost around 16 - 17 Lacs. 

Even though both institutes are doing their best on the field, IIM Indore will comparably reap better benefits in the long run.