Indian e-commerce startup CityMall on Tuesday said it has raised $47 million in its Series D funding led by Accel, valuing the company at around $320 million — nearly flat from its previous round three years ago.
The round also saw participation from existing investors, including Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures.
The company plans to use the funds to expand into adjacent geographies and strengthen its portfolio of private labels and brand partnerships.
CityMall had raised $75 million in a Series C funding round led by Norwest Venture Partners in March 2022, valuing the General Catalyst Partners-backed company at about $320 million. The company has raised $165 million to date.
CityMall claims that India’s e-commerce sector has largely been designed for convenience-first metro consumers — built on expensive infrastructure, high customer acquisition costs, and assortments tailored to urban preferences.
Founded in 2019 by Angad Kikla, Naisheel Verdhan, and Rahul Gill, it aims to address this gap by creating a value-first model for India’s Tier II, III, and IV towns.
“CityMall has built something truly differentiated — a low-cost supply chain model that makes e-commerce economically viable for India’s underserved communities and delivers true value to the mass market consumers,” said Rachit Parekh and Pratik Agarwal, partners at Accel.
It currently operates in over 60 cities across Delhi NCR, Uttar Pradesh, Haryana, Uttarakhand, and Bihar.
The company’s losses have been widening losses in the last three years. In the year ended 2024, it posted a net loss of Rs 159 crore, compared with a loss of Rs 10.4 crore in the year ended 2021, according to Tracxn.
Its revenue, however, has been rising. From a revenue of Rs 15.2 crore in 2021, it has increased to Rs 459.4 crore in 2024.
In 2022, three months after raising funds, social commerce startup CityMall laid off around 191 employees.
