Delhi NCR tops India's D2C hub rankings with $3.5 Bn across 434 deals since 2015

NCR edges out Bengaluru ($3.4 Bn) and Mumbai ($2 Bn) as top three cities capture 89% of $10 Bn total D2C funding over 11 years. D2C projected to add $245 Bn GMV by 2031 at 37% CAGR, with 19 Mn power shoppers driving 60-70% of sales. Mumbai leads recent growth at 27% CAGR (2020-25).

NCR edges out Bengaluru ($3.4 Bn) and Mumbai ($2 Bn) as top three cities capture 89% of $10 Bn total D2C funding over 11 years. D2C projected to add $245 Bn GMV

Inc42 · 5/13/2026, 3:43:24 PM · Ask about this →

Bombay Shaving Company + Honasa Consumer + Lenskart + Mamaearth + Moxie Beauty + Wingreens Farms +