Gurugram-based social commerce startup CityMall is preparing to secure ₹334 crore ($38 million) in a fresh Series D round, according to regulatory filings. The raise will be led by Accel, with participation from long-term backers Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, General Catalyst and angel investor Rohit Agarwal.
The company’s board has cleared the issue of 7,278 Series D preference shares and one equity share at ₹4,58,716 apiece. Accel will contribute the largest cheque of ₹173.2 crore ($19.7 million), followed by Waterbridge Ventures at ₹52 crore ($5.9 million) and Citius at ₹48.38 crore ($5.5 million). Norwest Capital is slated to invest ₹25.96 crore, Elevation Capital ₹21.65 crore, General Catalyst ₹8.67 crore, while Agarwal is expected to add ₹4 crore.
This is CityMall’s first significant fundraising in over three years, after it raised $75 million in its Series C round in March 2022. The company’s valuation remains unchanged at ₹2,780 crore ($316 million), making this a flat round unless additional capital comes in.
Founded in 2020, CityMall operates through a network of community resellers in smaller towns and cities, selling groceries, FMCG, and household items. The platform has indicated plans to move into higher-margin categories such as beauty and accessories to boost growth.
Financially, the firm has shown mixed progress. Its gross merchandise value (GMV) rose 23 percent in FY24 to ₹427 crore, up from ₹346.4 crore the previous year. Revenue climbed as well, but net losses widened by 10 percent to ₹159 crore.
The proceeds from the new round will go into capital expenditure, marketing, and broader corporate needs as the company looks to consolidate its presence in India’s competitive social commerce space.
