Tendulkar, who is widely regarded as one of the greatest batsmen in the history of cricket, is a brand ambassador for Canon in India, and attended the event at the Atria Mall on 4 October.
On display at the lounge were 148 products, including the company's latest range of laser printers, imagePresses and wide-format machines.
Canon India president and chief executive Kensaku Konishi said the Mumbai lounge was larger than existing ones in Delhi and Bangalore.
"Mumbai is a potential market and we expect 30% of our total revenue to come from here," he stated.
The company, which is expecting to double its turnover in the next two years, announced that it plans to start a R&D centre in addition to the one at Noida, as it wants to add value to the existing software that runs their digital printers.
Konishi said: "The days of keeping the pictures in the memory cards are now over. The photos shot on digital cameras in the memory cards have to be deleted to make way for new ones.
"Now with Canon's digital printers, one can convert files of any sizes into a high-quality photo-book and the moments captured on the camera can be cherished for any number of years."
Speaking at the event, Tendulkar, who holds the record for the most runs scored in test matches (12,000), said: "Technology is evolving. One has to visit such lounges to keep abreast with the latest in digital technology."
Cricket legend inaugurates Canon's Mumbai lounge
World-famous cricketer Sachin Tendulkar has inaugurated a Canon lounge in Mumbai.