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Delhi NCR becomes India’s top D2C hub with $3.5 billion funding and 434 deals in six years
Business
Published on 14 May 2026
Gurugram’s Lenskart prized at $9 billion, trading premium
Delhi NCR has emerged as India’s leading D2C startup hub, topping both funding and deal counts between 2015 and Q1 2026. D2C startups in the region raised over $3.5 billion across 434 deals, beating Bengaluru’s $3.4 billion and Mumbai’s $2 billion. The NCR also spawned standout exits like Lenskart and Honasa Consumer. Analysts link the shift to faster-growing startup ecosystems, early-stage investor interest, and rising demand for omnichannel brand building.
- Delhi NCR D2C startups raised $3.5B across 434 deals (2015 to Q1 2026)
- Bengaluru led funding after NCR at $3.4B, while Mumbai followed with $2B
- Mumbai clocked 362+ D2C deals, second most overall, ahead of Bengaluru’s 342
- Delhi NCR delivered top exits including Lenskart ($9B market cap) and Honasa (over $1B+)
- In 2020–25, Mumbai grew fastest in funding CAGR at 27%, NCR at 22%, Bengaluru at 8%
- D2C’s share could reach ~86% of ecommerce GMV add of $245B by 2031
Read the full story at Inc42
This summarization was done by Beige for a story published on 
Inc42