The Mpemba effect is a counter-intuitive relaxation phenomenon, where a system prepared at a hot temperature cools down faster than an identical system initiated at a cold temperature when both are quenched to an even colder bath. Such non-monotonic relaxations were observed in various systems, including water, magnetic alloys, polymers, and driven granular gases. We analyze the Mpemba effect in Markovian dynamics and discover that a stronger version of the effect often exists for a carefully chosen set of initial temperatures. In this \emph{strong Mpemba effect}, the relaxation time jumps to a smaller value leading to exponentially faster equilibration dynamics. The number of such special initial temperatures defines the \emph{Mpemba index}, whose parity is a topological property of the system. To demonstrate these concepts, we first analyze the different types of Mpemba relaxations in the mean field anti-ferromagnet Ising model, which demonstrates a surprisingly rich Mpemba phase diagram. Moreover, we show that the strong effect survives the thermodynamic limit and that it is tightly connected with thermal overshoot -- in the relaxation process, the temperature of the relaxing system can decay non-monotonically as a function of time. Using the parity of the Mpemba index, we then study the occurrence of the strong Mpemba effect in a large class of thermal quench processes and show that it happens with non-zero probability even in the thermodynamic limit. This is done by introducing the \emph{isotropic} model for which we obtain analytical lower bound estimates for the probability of the strong Mpemba effects. Consequently, we expect that such exponentially faster relaxations can be observed experimentally in a wide variety of systems.