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Gurugram-based e-commerce startup CityMall has raised $47 million in a Series D funding round as it aims to deepen its presence in India’s smaller towns and strengthen its position as a leading player in value commerce for the masses.
The latest round was led by Accel, with continued backing from existing investors including WaterBridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures. With this infusion, the company’s total funding now stands at $165 million, pushing its estimated valuation to around $320 million, according to sources close to the deal.
Founded in 2019 by Angad Kikla, Naisheel Verdhan, and Rahul Gill, CityMall is focused on building a community-driven e-commerce model for Tier II, III, and IV towns—areas often overlooked by mainstream online retailers. The company claims it has built India’s most cost-efficient distribution infrastructure, which it says is up to three times more effective than traditional e-commerce logistics.
“CityMall was born from a simple belief—that the next wave of India's growth will be shaped in its small towns and communities,” said Angad Kikla, co-founder and CEO. “We’re not trying to replicate what works in metros; we're building something entirely new for the next India.”
Currently operational in over 60 cities across Delhi NCR, Uttar Pradesh, Haryana, Uttarakhand, and Bihar, CityMall has been clocking a 2x year-over-year growth rate. The company plans to use the new capital to deepen penetration in existing regions, expand into new geographies, and scale its portfolio of private label products and brand partnerships tailored to the needs of mass-market consumers.
“CityMall has built 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,” said Rachit Parekh and Pratik Agarwal, Partners at Accel.
In addition to regional expansion, the company plans to invest heavily in hiring top talent across technology, product, and operations teams.
India’s $125 billion e-commerce industry has historically catered to convenience-focused urban consumers, often relying on costly infrastructure and metro-centric product assortments. CityMall is betting on a different playbook—one designed specifically for the ‘Bharat’ consumer, offering affordability, accessibility, and local relevance at scale.
