Serbian Tipsarevic, ranked ninth in the world, had to come from a set down to beat Slovenia’s Aljaz Bedene in a semi-final lasting more than two hours.
Bautista Agut, the World No 80 from Spain, then upset fifth seed and World No 47 Benoit Paire in another three-set clash to reach his first tour final.
Mumbai Roundup: 9 incidents that took place this week
Photos: Ajay Devgn, Parineeti, Tabu at 'Golmaal Again' trailer launch
Photos: Dipika Pallikal Karthik oozes oomph in bikinis and sarees
Photos: Kareena Kapoor Khan's grand birthday bash
Photos: 'Dangal' girls Sanya Malhotra, Fatima Sana Shaikh's dinner outing