His son Pankaj Munjal performed the last rites and lit the pyre as per the rituals of Arya Samaj.
A large number of industrialists, political leaders, social workers and educationalists were present at his funeral.
Maheshinder Singh Grewal, advisor to Punjab Chief Minister Prakash Singh Badal, placed a wreath on the body on behalf of the CM.
Munjal (87) passed away yesterday after a brief illness at DMC Hero Heart Centre.
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Munjal had also served as the president of All India Cycle Manufacturers' Association.
A recipient of many national honours, Munjal was also known as a philanthropist. He supported several educational institutions and hospitals across India.
He is survived by a son, four daughters and 10 grandchildren.