Trying to make sure my answer is as objective as possible, I have mentioned the pros of both institutes namely SPJIMR and IIM Indore. The final decision can be made by choosing the one whose benefits appeal to you the most and matches your inclinations.

SPJIMR

• Small batch size of 250-300 students makes it possible to develop good bonding between peers. There is almost a family-like feeling. The small batch size also reduces the level of competition and increases proximity to faculty
• The average package was pretty decent this year and stood at INR 26.06 LPA
• A major USP of SPJIMR is its Rural internship called DOCC and GFT(global fast track program). These offer a unique experience of rural India as well as the foreign market in the same year.
• Another distinguishing factor of SPJIMR is the minors offered n other specializations like Analytics, Consulting, etc. This is like a secondary specialization for backup in the future.
• The culture at SPJIMR is friendly mainly because of the unique selection process

IIM Indore

• The main USP is the IIM Tag
• Huge batch size resulting in a larger stronger alumni base
• You do not have to choose a specialization at the time of admissions. Specializations are chosen after a year and still, the degree awarded is that of a General MBA only. So if you are not sure of your specialization and want to explore various aspects of Management, then IIM Indore is a better option for you.