Delhi NCR tops India's D2C league at $3.5 Bn; Zaggle Q4 profit jumps 30%
Inc42's D2C 3.0 Report crowns Delhi NCR India's biggest D2C hub with $3.5 Bn across 434 deals, edging out Bengaluru ($3.4 Bn) and Mumbai ($2 Bn). D2C is set to capture ~86% ($245 Bn) of India's $285 Bn ecommerce GMV addition through 2031. Zaggle posts ₹40.6 Cr Q4 profit, guides 25-40% FY27 growth.
What happened
Raise Financial Services · Raise Financial (Dhan parent) acquires Greenlife Insurance with $15 Mn insurtech push. Inc42 D2C 3.0 Report ranks Delhi NCR top hub
Key facts
- $15 Mn investment in GIBL
- GIBL 50 cities reach
- Delhi NCR $3.5 Bn across 434 D2C deals
- Bengaluru $3.4 Bn
- Mumbai $2 Bn
- $285 Bn ecommerce GMV addition 2026-2031
- D2C ~86% ($245 Bn)
- 377 Mn Gen Z influencing $2 Tn by 2035
- Zaggle Q4 FY26 net profit ₹40.6 Cr (+30.4% YoY)
- Zaggle revenue ₹617.9 Cr (+49.9%)
- Zaggle adj EBITDA ₹60.5 Cr (+62.4%, 9.8% margin)
- Zaggle FY27 guidance 25-30% standalone, ~40% consolidated
- OpenAI-TCS 1 GW data centre
- Zoho $7.3 Mn (₹70 Cr) in ONDC
- ONDC 616 cities, 21.8 Cr transactions FY26, 7.64 Lakh sellers
- potential 18% GST on delivery charges
Why this matters
Geographic concentration of 434 deals in Delhi NCR plus profitable scaled players like Zaggle (Q4 profit up 30%) points to a maturing M&A pipeline where regional consolidation and roll-ups become actionable.