- CityMall is a social e-commerce platform that sells a lifestyle and curated products via Whatsapp referrals.
- The venture will use the funds for expanding its supply chain in tier 3 and 4 cities in the country.
Gurugram-based social e-commerce venture firm CityMall raises $3 million (or about Rs 22 crore) in a Seed funding round led by venture capital firm Elevation Capital (formerly SAIF Partners).
Other investors, including New Delhi-based Waterbridge Ventures and Arun Tadanki’s private syndicate on LetsVenture, also participated in the funding round.
The startup will use the fresh funding to build a strong network of its community leaders and expand its supply chain tailored for tier 3 and 4 cities in the country.
The startup said it plans to deepen its supply chains in Tier 2, 3, and 4 cities and introduce new product categories such as grocery, fresh, and FMCG products.
In October 2019, CityMall first raised $300K (or about Rs 2 crore) in a Seed funding round led by Venture Catalyst, Rajesh Sawhney, Jitendra Gupta, Alvin Tse, and other three investors.
Following, In December 2019, the startup had raised $300k in debt financing led by existing seed investor Venture Catalyst.
Till date, It has raised over $3.6 million in a total of three funding rounds, said reports.
“The next 300 million Internet users… have fundamentally different behavior than the first 100 million users. They are native to social platforms like WhatsApp and prefer buying from someone they trust,” said Angad Kikla (Co-founder of CityMall).
He further said, “Community-led e-commerce is unique as it solves two distinct problems – one creating a layer of trusted community leaders and secondly, disrupting two most significant cost elements of any e-commerce business – customer acquisition and logistics.”
“CityMall’s unique community leader led business model positions it uniquely to solve this problem for grocery and daily needs. Coupled with Angad and Naisheel’s deep understanding of the space and the consumer segment, Citymall is best positioned to capture this massive market. Excited to be a part of this journey,” said Akarsh Shrivastava, Vice President, Elevation Capital.
Social e-commerce CityMall has generated 12x growth in revenue in the last six months and has expanded its presence in cities like Rewari, Dharuhera, Pataudi, Sonipat, Bahadurgarh, etc.
About CityMall – CityMall is a Gurugram-based social e-commerce platform founded in 2019 by Angad Kikla and Naisheel Verdhan. Angad Kikla is also the co-founder of the SaaS-based platform BeatRoute Innovations.
CityMall is a social e-commerce platform that sells a lifestyle and curated products via peer-to-peer WhatsApp referrals.