On February 20, 2026, financial reports revealed that Gurugram-based social commerce startup CityMall posted a net loss of ₹159 crore for FY25.
Remarkably, this loss remains flat compared to the ₹159 crore loss reported in FY24, even as the company experienced significant topline growth. This suggests that the “Bharat-focused” e-commerce player is successfully decoupling its growth from its burn rate.
Financial Highlights (FY25)
CityMall transitioned toward a grocery-led model during the fiscal year, which now accounts for a massive portion of its volume.
| Metric | FY24 (Actual) | FY25 (Actual) | Growth/Change |
| Operating Revenue | ₹427 Crore | ₹534 Crore | +25% |
| Total Income | ₹460 Crore | ₹551 Crore | +20% |
| Net Loss | ₹159 Crore | ₹159 Crore | 0% (Flat) |
| EBITDA Margin | -30.34% | -30.3% | Marginal Improvement |
Revenue Mix: The “Grocery” Engine
The company has successfully shifted from a broad social commerce approach to a specialized, grocery-first model serving Tier II and III cities.
- Essential Commodities: Sales of staples like atta (flour), sugar, oil, and ghee contributed roughly 40% (₹210 crore) of the total product sales.
- Branded Goods: Food and beverages added ₹85 crore, while home and personal care products contributed ₹58 crore.
- Private Labels: CityMall has been aggressively pushing its own private labels to improve margins, as these products now account for a growing share of the “miscellaneous” revenue category.
Expense Breakdown
Despite a 25% increase in revenue, CityMall managed to keep its total expenses in check, which rose only 15% to ₹710 crore.
- Procurement Costs: Remained the largest expense at ₹510 crore (72% of total spend), up 31% as the volume of goods sold increased.
- Employee Benefits: Declined by 10% to ₹82 crore, reflecting a leaner corporate structure.
- Logistics: Transportation costs remained steady at ₹56 crore, despite a 60-city expansion, highlighting significant supply-chain efficiencies.
Funding & Valuation Context
The FY25 results follow a successful $47 million Series D funding round in September 2025, led by Accel.
- Flat Valuation: The round was raised at a valuation of approximately $320 million, roughly the same as its 2022 Series C round, reflecting the broader “funding winter” and investor focus on unit economics.
- Cash Position: As of March 31, 2025, the company held ₹368 crore in current assets, including ₹57 crore in cash, providing a sufficient runway to continue its march toward breakeven.
Strategic Outlook
CityMall’s ability to grow its revenue by ₹100 crore without increasing its net loss is a rare feat in the current Indian startup ecosystem. The company is now focusing on private labels and 360-degree brand campaigns (like “CityMall App Pe Daam Dekha Kya?”) to deepen its penetration in underserved markets across Delhi-NCR, Uttar Pradesh, Haryana, and Bihar.
