ETtechMumbai: CityMall, an e-commerce platform focused on smaller cities and towns, has raised $22.5 million as part of its Series B funding round led by venture capital firms General Catalyst and Jungle Ventures. Existing investors Accel, Elevation Capital and WaterBridge Ventures also participated in the round.
Citymall has so far raised $36.5 million to fuel its growth and expansion plans.
The startup will allocate the fresh capital towards hiring, technology and building a logistics network, including warehouses and hubs. The company intends to strengthen its presence in the 40 towns it operates in and aims to expand its reach to 100 new towns in the coming months.
"As internet penetration reaches smaller cities and communities, new and innovative social commerce models like CityMall have potential to offer consumers better buying experiences through right assortment, price points, and support while democratising entrepreneurship opportunities for millions,” said Alex Tran, partner at General Catalyst.
Founded in 2019 by Angad Kikla and Naisheel Verdhan, CityMall targets consumers in Tier II, III and IV cities in India. E-commerce startup DealShare is its competitor in the space.
The company’s offerings include daily-use products, such as groceries and fast moving consumer goods. It recently added fashion, electronics, electrical appliances, cosmetics and other categories. Demand on the platform is generated by community leaders from its mobile app and WhatsApp.
Local influencers or community leaders have become a key part of expansion for e-commerce platforms targeting Tier II and III cities. Startups in this space are investing resources and money to build strong community leaders to drive sales.
“Social or community commerce is the next multi-billion-dollar internet opportunity in India,” said Amit Anand, founding partner at Jungle Ventures. “Companies like Citymall have the potential to not only eclipse traditional e-commerce models but also grow more virally and profitably.”
Citymall has so far raised $36.5 million to fuel its growth and expansion plans.
The startup will allocate the fresh capital towards hiring, technology and building a logistics network, including warehouses and hubs. The company intends to strengthen its presence in the 40 towns it operates in and aims to expand its reach to 100 new towns in the coming months.
"As internet penetration reaches smaller cities and communities, new and innovative social commerce models like CityMall have potential to offer consumers better buying experiences through right assortment, price points, and support while democratising entrepreneurship opportunities for millions,” said Alex Tran, partner at General Catalyst.
Founded in 2019 by Angad Kikla and Naisheel Verdhan, CityMall targets consumers in Tier II, III and IV cities in India. E-commerce startup DealShare is its competitor in the space.
The company’s offerings include daily-use products, such as groceries and fast moving consumer goods. It recently added fashion, electronics, electrical appliances, cosmetics and other categories. Demand on the platform is generated by community leaders from its mobile app and WhatsApp.
Local influencers or community leaders have become a key part of expansion for e-commerce platforms targeting Tier II and III cities. Startups in this space are investing resources and money to build strong community leaders to drive sales.
“Social or community commerce is the next multi-billion-dollar internet opportunity in India,” said Amit Anand, founding partner at Jungle Ventures. “Companies like Citymall have the potential to not only eclipse traditional e-commerce models but also grow more virally and profitably.”