fbpx

CityMall funding

Social e-commerce and online grocery platform startup CityMall, which concentrates on Tier-II cities and other lower tiered locations, has secured $11 million in a Series A round led by Accel Partners.

Existing investors Elevation Capital, Jungle Ventures, and WaterBridge Ventures also participated in the round.

CityMall intends to utilize the recently acquired funds to strengthen its supply chain, logistics network, and extend its footprint to 20 new cities in Tier-II, III, and IV markets.

Founded by Angad Kikla and Naisheel Verdhan in 2019, CityMall intends to have more than two lakh customers and the same number of community leaders by 2022.

“The accelerated pace of our growth in the past 10 months is a testimony of our ability to create a sustainable and effective model to address the challenges faced by traditional e-commerce models in Tier-II, III, and IV markets of India,” said Angad.

CityMall places itself as a community commerce platform created for the next 400 small cities, towns, and villages, with a focus on everyday-use categories such as grocery, FMCG, fresh, as well as particular home and kitchen-related commodities.

The startup stated that since its seed round led by Elevation Capital in June 2020, it has obtained 25 times growth in revenues. During this period, CityMall also secured its presence in numerous small towns and cities such as Rewari, Dharuhera, Pataudi, Sonipat, Bahadurgarh, Jhajjar, Rohtak, and Panipat.

Explaining why Accel Partners invested in the startup, Vice President Pratik Agarwal said: “CityMall’s genius lies in their business model that not only serves the consumers but also has favorable economics that will ensure enduring wide-scale impact.”

Elevation Capital Vice President Akarsh Shrivastava said: “Tier-II+ grocery is a very large opportunity, which has remained untapped because of unique challenges that traditional e-commerce models have struggled to address. CityMall’s community group buying model has allowed it to bridge this gap and offer a high trust and super convenient purchase experience (while being price competitive).”

Tags

top