Shaw (61) and Iyer (55*) shone with the bat in a match that was curtailed by rain, with Mumbai only managing to bat out 25 overs before the weather played spoilsport.
Mumbai’s win overshadowed the knock of Rohit Rayudu, cousin of India international and Hyderabad captain Ambati Rayudu.
Rohit scored 121 off 132 balls to take Hyderabad to a competitive score of 246 even as other batsmen around him failed.
Rayudu chose to bat after winning the toss but Mumbai consistently took wickets and Hyderabad had lost half their side for just 102 in the 28th over.
However, Rohit knuckled down and played a knock of great composure to ensure that his side started the innings with at least a chance of competing.
For Mumbai, Tushar Deshpande starred with the ball, ending the innings with figures of 3/55. He was supported by Royston Dias who took 2/43 in his 9 overs.
Any hope that Hyderabad might have had of competing were dashed by Shaw, who made his Test debut for India in the recently-concluded West Indies series and scored a century on debut.
The opener notched up his fourth half-century in as many innings in this year’s edition of the tournament and ensured that the asking rate never troubled Mumbai.
Rohit Sharma could only add 17 to the scoreboard but Shaw found ample support in skipper Iyer, who was unbeaten alongside Ajinkya Rahane (17*) when the rain started.
When the game was called off, Mumbai were 155/2, well ahead of the required target of 96.
Mehdi Hassan was the pick of the bowlers for Hyderabad as he took both the wickets to fall in the second innings. However, Mohammad Siraj also did well to keep Shaw quiet for a short period of time despite not getting among the wickets.
Mumbai will take on the winner of the second semi-final between Delhi and Jharkhand on October 20.
First Published: October 17, 2018, 5:35 PM IST