Total amount raised
$111.6 Millions
Latest funding date
3/1/2022
Location
CityMall has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform focuses on social commerce, targeting new internet users in India's Tier-2 and Tier-3 cities and villages.
Keep reading to explore the intricacies of CityMall's fundraising journey and the investors backing this innovative platform.
What Is CityMall?
CityMall, founded in 2019, is a social commerce platform based in Gurgaon, Haryana, India. The company targets new internet users in Tier-2 and Tier-3 cities and villages, offering a wide range of products including groceries, lifestyle items, electronics, and fashion.
CityMall leverages "Community Leaders" to connect with consumers, facilitating localized sales, marketing, and last-mile logistics. This innovative approach helps the platform reach a broader audience and cater to the specific needs of smaller communities.
Founded by Angad Kikla, Divij Goyal, and Naisheel Verdhan, CityMall has grown to employ between 251-500 people, making significant strides in the social commerce space.
How Much Funding Has CityMall Raised?
- Seed Round
- Amount Raised: $300K
- Date: October 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and build the initial platform.
- Debt Financing
- Amount Raised: $300K
- Date: December 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage early-stage operational costs and expand the team.
- Seed Round
- Amount Raised: $3M
- Date: May 2020
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance product offerings.
- Series A
- Amount Raised: $11M
- Date: March 2021
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the social commerce base and enhance the digital store setup for micro-entrepreneurs.
- Series B
- Amount Raised: $22.5M
- Date: June 2021
- Lead Investors: General Catalyst, Jungle Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series C
- Amount Raised: $75M
- Date: March 2022
- Lead Investors: Norwest Venture Partners, Citius VC
- Valuation at Round: $320M
- Motivation Behind the Round: To expand operations and double down on gross merchandise value (GMV) in Tier III and Tier IV towns and villages.
Total Amount Raised: $112.1M. Current Valuation: $320M.
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. They have a strong track record of investing in high-growth companies across various sectors.
- Investment Focus Areas: Technology, healthcare, business services.
- Notable Investments: Uber, Spotify, BlueJeans.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. They focus on creating powerful, positive change that endures.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Airbnb, Stripe, Snap.
- Elevation Capital
- Details: Elevation Capital is a venture capital firm focused on early-stage investments. They have a significant presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, consumer sectors.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- Accel
- Details: Accel is a global venture capital firm that invests in seed, early, and growth-stage companies. They have a strong focus on technology and internet sectors.
- Investment Focus Areas: Technology, internet, consumer sectors.
- Notable Investments: Facebook, Dropbox, Slack.
- Jungle Ventures
- Details: Jungle Ventures is a Singapore-based venture capital firm that invests in early to growth-stage companies. They focus on the Southeast Asia and India markets.
- Investment Focus Areas: Consumer internet, enterprise technology, financial services.
- Notable Investments: Kredivo, Livspace, Moglix.
What's Next for CityMall?
CityMall stands at the cusp of significant growth opportunities, particularly in expanding its reach into more Tier II and Tier III cities. With a robust network of 20,000 dealers and 200,000 consumers, the potential for scaling is immense. The social commerce market in India is projected to grow from $2 billion in 2020 to $20 billion by 2025, offering a substantial market for CityMall to tap into.
Given the rapid succession of funding rounds, CityMall is well-positioned to attract further investment. This influx of capital will be crucial for expanding operations, enhancing product offerings, and improving logistics. However, the company will face challenges such as intense competition from other social commerce platforms and the complexities of scaling operations efficiently.
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