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Update: Citymall has secured $47 million in its Series D funding round led by Accel, with $41 million raised through equity and the balance via debt.
Original story follows:
Grocery-focused social e-commerce platform CityMall is set to raise Rs 334 crore ($38 million) in a Series D round from existing investors led by Accel with the participation of Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst.
This is the first major funding for the Gurugram-based company in 3.5 years since it raised $75 million in the Series C round in March 2022.
The board at Citymall passed a resolution to approve the issuance of 7,278 Series D CCPS and an equity share at an issue price of Rs 4,58,716 each to raise the aforementioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows.
Accel will lead the round with an investment of Rs 173.2 crore ($19.7 million), followed by Waterbridge Ventures at Rs 52 crore ($5.9 million). Citius and Norwest Capital will participate with Rs 48.38 crore ($5.5 million) and Rs 25.96 crore ($2.95 million), respectively. Elevation Capital (Rs 21.65 crore), General Catalyst (Rs 8.67 crore), and angel investor Rohit Agarwal (Rs 4 crore) will also join the round.
The proceeds will be used for capital expenditure, marketing, and other general corporate purposes, the filing added.
According to Entrackr’s estimates, the company’s valuation remained flat at Rs 2,780 crore or $316 million. The company might raise more funds in this round and its valuation will vary accordingly.
Founded in 2020, Grocery-focused social commerce startup CityMall offers daily essentials including grocery, FMCG, and home and kitchen products, and plans to expand into new categories such as beauty and accessories through its network of community resellers in tier II and III cities.
According to the startup data intelligence platform TheKredible, Citymall has so far raised over $110 million across multiple funding rounds.
The Accel-backed company has not yet filed its FY25 financials. In FY24, it reported over 23% year-on-year growth in gross revenue (GMV) to Rs 427 crore compared to Rs 346.4 crore in FY23. However, its losses rose 10% during the same period to Rs 159 crore.