Gurgaon Based CityMall raises $11M in Series A round led by Accel Partners

• Ecommerce and online grocer platform has raised funding of $11 million in a Series A funding round led by Accel Partners.
• The existing investors including Elevation Capital, Jungle Ventures, and WaterBridge Ventures participated in the funding round.

Ecommerce and online grocer platform CityMall has raised funding of $11 million in a Series A funding round led by Accel Partners. The platform is serving customers residing in Tier 2 and 3 cities and backward untapped regions.

It is witnessed that existing investors Elevation Capital, Jungle Ventures, and WaterBridge Ventures participated in the funding round.

CityMall plans to use fresh funding for strengthening the supply chain, logistic and vendors network, tieing up with more brands, and expanding presence to 20 new cities in Tier 2,3, and 4 markets.

Founded in 2019 by  Angad Kikla and Naisheel Verdhan, CityMall pledges to reach out to more than 2 lakh customers and establishing a connection with community leaders and big brands by 2022.

“The rate at which we grew during a pandemic is the proof of our ability to create a sustainable and effective model to address the challenges that traditional eCommerce models are facing in Tier-II, III, and IV markets of India,” said Angad.

 CityMall shows itself as a community platform designed to serve 400 small cities, towns, and villages by making everyday-use categories such as grocery, FMCG, fresh, as well as particular home and kitchen-related products available on single finger touch.

The startup said since Elevation Capital sanctioned fund in 2020 to us we achieved 23 times growth in revenues that is attracting more investors to support us in our incubated phase. During this period, CityMall created its presence in several small towns and cities such as Rewari, Dharuhera, Pataudi, Sonipat, Bahadurgarh, Jhajjar, Rohtak, and Panipat.

 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 eCommerce 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)."

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