CityMall Revenue, Valuation, Funding & Investors
CityMall is valued at $320M as of September 2025, a 4.0x multiple on its last reported $80M revenue.
Last CityMall valuation
$320M
Series D · Sep 2025
Last CityMall funding round
$47M
Series D · Sep 2025
CityMall revenue
$80M
Series D · Sep 2025
Key investors in CityMall
Accel
Elevation Capital
Jungle Ventures
WaterBridge Ventures
General Catalyst
Norwest
About CityMall
CityMall is a Gurgaon-based e-commerce platform launched in 2019 that targets 300 million first-time internet users in India's tier 2-4 cities and villages. It specializes in groceries, fresh produce, packaged FMCG, electronics, and fashion through a community-led model using local leaders for acquisition, marketing, and last-mile delivery. Backed by General Catalyst, Accel, and Jungle Ventures, CityMall has raised over $50 million and operates in 1,000 towns with micro-entrepreneurs managing inventory and logistics.
Founded
2019
HQ
GurgaonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$80M (Sep 2025)
Valuation
$320M (Sep 2025)
CityMall Valuation
CityMall is currently valued at $320M, based on its Series D in September 2025.
The $47M round was led by Accel, with participation from General Catalyst, Elevation Capital, WaterBridge Ventures, Norwest, Citius and 1 other investor.
CityMall's valuation has grown 1.1x from $300M at its Series C in March 2022 to $320M in September 2025, across 2 priced rounds.
CityMall valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2025 | Series D | $320M | 4.0x |
| Mar 2022 | Series C | $300M | 150.0x |
CityMall Revenue
CityMall's latest recorded revenue is $80M, as of its Series D in September 2025. At a $320M valuation, that implies a 4.0x revenue multiple.
Revenue grew from $2M in March 2022 to $80M in September 2025, while the revenue multiple moved from 150.0x to 4.0x.
CityMall revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2025 | $80M | $320M | 4.0x | Series D |
| Mar 2022 | $2M | $300M | 150.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
CityMall Funding History
CityMall has raised a total of $159M across 6 funding rounds.
CityMall's first fundraising round was a $300K seed round in October 2019. The most recent completed round was a $47M Series D in September 2025.
CityMall funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series D | Accel (lead); General Catalyst; Elevation Capital; WaterBridge Ventures; Norwest; Citius; Jungle Ventures | $47M | $320M | CityMall is a Gurugram-based value e-commerce startup founded in 2019 by Angad Kikla, Naisheel Verdhan, and Rahul Gill, targeting tier II, III, and IV towns in India with affordable products in fashion, home, kitchen, and packaged food via a low-cost supply chain leveraging community leaders for demand aggregation. It operates in over 60 cities across Delhi-NCR, Uttar Pradesh, Haryana, Uttarakhand, and Bihar, claiming up to 3X more efficient distribution than traditional players. The company raised $47 million in its Series D round in September 2025, led by Accel with participation from existing investors WaterBridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures, bringing total funding to $165 million. The round, a mix of $41 million equity and debt, closed at a flat post-money valuation of $320 million, down from or same as the $350 million or $320 million in its 2022 Series C led by Norwest ($75 million raised). Funds will support deeper penetration in existing markets, expansion into adjacent regions, supply chain strengthening, private labels, brand partnerships, capex, marketing, hiring in tech/product/operations, and sustainable scaling. CityMall reported total revenue of Rs 459 crore in FY24, up from Rs 378 crore in FY23, with 2X year-on-year growth and claims of scaling at 2X while approaching profitability; it achieved operational profitability and breakeven per some reports, though with over 30% negative EBITDA margins in the last financial year. Investors benchmarked the valuation at nearly a 4X multiple of past-year revenue, reflecting a cautious market versus prior bullish conditions. CityMall competes in India's grocery and value e-commerce against quick commerce platforms, local stores, and online players, focusing on underserved mass-market consumers overlooked by mainstream platforms. Quick commerce is projected to take 20% of e-commerce sales by 2035, but CityMall differentiates with its affordability-first, tech-led model for Bharat's small towns. |
| Mar 2022 | Series C | Citius (lead); Norwest (lead); General Catalyst; AM Group Holdings; Elevation Capital; WaterBridge Ventures; Sunn91 Ventures; Jungle Ventures; Accel; Arena Holdings | $75M | $300M | CityMall is an Indian e-commerce startup founded in 2019, initially focused on social commerce targeting Tier II, III, and IV cities in Bharat, later pivoting to grocery-led e-commerce, private labels, and regional brands to serve affordable essentials for customers earning ₹15,000-₹80,000 monthly. The company operates in over 60 cities including Delhi NCR, Uttar Pradesh, Haryana, Bihar, and Uttarakhand, with average order values of ₹450-₹500 and a strategy emphasizing high-margin regional products (20-25%) and private labels (up to 40%). In its Series C round dated March 2022, CityMall raised USD 75 million led by Norwest Venture Partners and Citius VC, with participation from Accel, Elevation Capital, and others matching the query investors; the post-money valuation was approximately USD 300 million, used to expand operations and boost GMV in smaller towns and villages. This followed earlier rounds including a USD 11 million Series A in March 2021 led by Accel. Total funding to date across rounds reached around USD 165 million by later stages. later data shows FY24 revenue at ₹459-460 crore (up from ₹15.2 crore in FY21 and ~₹376 crore in FY23), with FY25 operating revenue at INR 690 crore adjusted from INR 768 crore GMV. The company achieved operational breakeven in parts of its network by FY24-FY25 but reported negative EBITDA margins over 30% in the last financial year pre-2025 and FY25 losses of ₹159 crore. CityMall's 2022 valuation of USD 300 million held flat to its 2025 Series D at USD 320 million despite growth, reflecting a prior bullish market; investors noted a 4x multiple of past-year revenue as a benchmark for the later round, indicating confidence in the value-segment online grocery market amid competition from quick commerce platforms projected to take 20% of India e-commerce by 2035. The startup continues expanding adjacent markets using existing warehouses. |
| Jun 2021 | Series B | General Catalyst (lead); Jungle Ventures (lead); Elevation Capital; WaterBridge Ventures; Accel | $23M | - | CityMall is an online commerce startup founded in 2019 by Angad Kikla, Naisheel Verdhan, and Rahul Gill, targeting tier II and smaller cities in India through a network of community leaders who act as marketing and logistics partners, claiming a distribution network up to three times more efficient than traditional e-commerce players. The company raised $22.5 million in its Series B round in June 2021, led by General Catalyst and Jungle Ventures, with participation from investors including Accel, Elevation Capital, and WaterBridge Ventures, aiming to scale operations and expand market reach. This followed a Series A of $11 million in March 2021 led by Accel to enhance the platform and expand operations. The Series B funding brought CityMall's cumulative funding toward later totals of $165 million across multiple rounds. Subsequent rounds included a Series C of $75 million in March 2022 led by Norwest Venture Partners and Citius VC at an approximate valuation of $300 million, focused on expanding into Tier III and Tier IV towns and boosting gross merchandise value. A Series D round of $47 million was later raised led by Accel, with participation from Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest, and Jungle Ventures, to strengthen its value-commerce model, deepen penetration in existing regions like Delhi-NCR, Uttar Pradesh, Haryana, Uttarakhand, and Bihar, expand geographically, scale low-cost distribution, build private labels, and hire in technology, product, and operations. CityMall operates in over 60 cities and has maintained 2x year-over-year growth in recent years as of later reports. Revenue figures mentioned are much later, such as ₹459 crore in FY24, up from ₹378 crore prior, but no revenue, ARR, or EBITDA data near the June 2021 round. The company differentiates by addressing affordability in small towns, contrasting with metro-focused quick commerce, through community group buying and micro-entrepreneurs. |
| Mar 2021 | Series A | Accel (lead); Superb Capital; Elevation Capital; WaterBridge Ventures; Jungle Ventures | $11M | - | CityMall is a community commerce platform focused on delivering groceries and everyday essentials to tier-II, III, and IV cities across India. Founded in 2019 by Angad Kikla and Naisheel Verdhan, the company uses a group buying model to serve cost-conscious consumers in underserved markets. In March 2021, CityMall closed a Series A funding round of $11 million led by Accel Partners, with participation from existing investor Elevation Capital, which had previously backed the company in its seed round in June 2020. The Series A funding was allocated toward strengthening the supply chain, enhancing logistics infrastructure, and expanding into 20 additional tier-II, III, and IV cities. Between its seed round in June 2020 and the Series A announcement in March 2021, CityMall achieved 25x growth in revenues, demonstrating rapid traction in its target markets. |
| May 2020 | Seed | Elevation Capital (lead); General Catalyst; WaterBridge Ventures; LVX Ventures; Norwest; Jungle Ventures; Accel; Waveform Ventures | $3M | - | CityMall is a social e-commerce platform targeting tier II, III, and IV cities in India with a community group buying model for everyday products like groceries. Elevation Capital led its $3 million seed round in June or November 2020, matching the specified investors including Accel, General Catalyst, Jungle Ventures, and others in later rounds. The startup subsequently raised $11 million in Series A led by Accel Partners with Elevation Capital participation to strengthen supply chain, logistics, and expand to 20 new cities. CityMall pivoted from social commerce to grocery-led ecommerce and private labels, achieving INR 700 Cr revenue and INR 768 Cr GMV in FY25 across later stages. |
| Oct 2019 | Seed | Manish Vij; Rishab Malik; Rajesh Sawhney; Jitendra Gupta; Harish Bahl; GSF; Venture Catalysts; Titan Capital | $300K | - | - |
Who has invested in CityMall?
21 investors have backed CityMall across its funding rounds, including Accel, Elevation Capital, Jungle Ventures, WaterBridge Ventures, General Catalyst and Norwest.
Lead investors include Accel, Citius, Norwest, General Catalyst, Jungle Ventures and 1 other investor.
CityMall Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Gurgaon | 5 | Lead | May 2020 | |
| New Delhi | 5 | Participant | May 2020 | |
 Singapore | 5 | Lead | May 2020 | |
 Palo Alto, CA | 5 | Lead | May 2020 | |
| San Francisco, CA | 4 | Lead | May 2020 | |
| San Francisco, CA | 3 | Lead | May 2020 | |
 Luxembourg | 2 | Lead | Mar 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Manish Vij | New Delhi | 1 | Participant | Oct 2019 |
| Rishab Malik | Delhi | 1 | Participant | Oct 2019 |
| Mumbai | 1 | Participant | Mar 2021 | |
| Singapore | 1 | Participant | Mar 2022 | |
| Rajesh Sawhney | Gurgaon | 1 | Participant | Oct 2019 |
| Bangalore | 1 | Participant | May 2020 | |
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Start Free TrialCityMall Competitors
CityMall competitors include listed companies like THG, Wish and Bed Bath & Beyond, and private ones like Arzooo.com, 5miles and Tiebaobei.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Bangalore | Private | - | - | $300M | - | |
 United Kingdom | Publicly listed | $2.3B | $133M | $573M | 0.5x | |
| United States | Publicly listed | - | ($31M) | $681M | - | |
| United States | Publicly listed | $1B | ($73M) | $326M | 0.3x | |
| United States | Private | - | - | $330M | - | |
 Beijing | Private | - | - | $309M | - |
CityMall Public Comps
CityMall is still privately-owned, but its public comps include Terminal X, Everyday Network Co., ThredUp, istyle, Fiverr, Bed Bath & Beyond, Victorian Plumbing Group, Oponeo, On The Beach Group and Socar.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $185M | $28M | 1.9x | - | 12.7x | - | |||
| $16M | ($6M) | 17.0x | - | (42.4x) | - | |||
| $311M | ($5M) | 1.0x | 0.9x | (59.2x) | 20.5x | |||
| $442M | $34M | 0.7x | 0.5x | 8.5x | - | |||
| $431M | $13M | 0.2x | 0.2x | 5.2x | 1.0x | |||
| $1B | ($73M) | 0.4x | 0.3x | (5.2x) | (8.5x) | |||
| $411M | $36M | 0.9x | 0.9x | 10.2x | 8.7x | |||
| $627M | $35M | 0.6x | 0.5x | 10.0x | 7.0x | |||
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Common questions about CityMall
| When was CityMall founded? | CityMall was founded in 2019. |
| Where is CityMall headquartered? | CityMall is headquartered in Gurgaon, India. |
| Is CityMall publicly listed? | No, CityMall is a private, VC-backed company. |
| What is CityMall's valuation? | CityMall was last valued at $320M in its Series D in September 2025. |
| How much funding has CityMall raised? | CityMall has raised $159M across 6 funding rounds. |
| What was CityMall's last funding round? | CityMall's last funding round was a $47M Series D in September 2025, led by Accel. |
| Who are CityMall's investors? | CityMall's investors include Elevation Capital, WaterBridge Ventures, Jungle Ventures, Accel, General Catalyst, Norwest, Citius, Manish Vij, Rishab Malik, Superb Capital and 11 others. |
| What is CityMall's revenue? | CityMall's latest recorded revenue is $80M (September 2025). |
| What is CityMall's revenue multiple? | CityMall's latest valuation implies a 4.0x revenue multiple ($320M valuation on $80M of revenue). |
| Which companies are comparable to CityMall? | Companies comparable to CityMall include Arzooo.com, THG, Wish, Bed Bath & Beyond, 5miles and Tiebaobei. |
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