Friday, February 3, 2023
HomeInsightFunding Alert CityMall raises $75 million in Series C round

[Funding alert] CityMall raises $75 million in Series C round

Social commerce venture CityMall
Social commerce venture CityMall

Social commerce venture CityMall has raised $75 million from Norwest Venture Partners and participated by other new and existing investors. This is CityMall’s third funding round in a year.

Last year CityMall had raised $11 million Series A round in March and $22.5 million Series B in June. the company has been valued at about $320 million in the Series C round.

The company has also increased its ESOP pool from 1381 options to 2912 options and is now worth $17.5 million.

CityMall was founded in 2019 by Angad Kikla and Naisheel Verdhan. Gurgaon based firm CityMall’s vision to provide access to affordable products leveraging WhatsApp and Power of Sharing.

Social commerce firm CityMall deals in lifestyle, grocery and other categories through a network of community resellers in tier II and III cities. The compamy claims to have around 20,000 resellers, 200K consumers in eight smaller cities across the state of Haryana.

In March 2021, Citymall posted earnings for the first time in a financial year. Its operating revenue stood at Rs 14.95 crore in Fiscal year 2021, while the company posted a loss of Rs 10.4 crore in the same period according to Entrackr.

CityMall is a social e-commerce venture, backed by Elevation Capital, aiming to help the 200-300 million new to Internet users realize the power of Internet and e-commerce. CityMall has a vision to create India’s largest chain of virtual stores on WhatsApp.

Through a network of neighbourhood community leaders, CityMall enables Bharat to experience the convenience of online commerce. CityMall aims to create several thousands of such micro-entrepreneurs and empower them to create the go-to e-commerce platform for Bharat.



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