Social Ecommerce Platform CityMall Raises $11 Million In Series-A Funding
CityMall, a social e-commerce and online grocery platform, has raised $11million as part of its Series A funding round led by Accel Partners.
The funding round also saw participation from existing investors Elevation Capital, Jungle Ventures and WaterBridge Ventures.
As per the startup, it will use the funding to strengthen CityMall’s supply chain, logistics network, and expand its footprint to 20 new cities in tier 2, 3 and 4 markets. The social e-commerce platform also aims to increase its network to more than 2 lakh customers by 2022.
Founded by Angad Kikla and Naisheel Verdhan in 2019, CityMall is a social e-commerce and online grocery platform that claims to have developed a community commerce platform, for everyday products, for the next 300 million Internet users. The platform sells lifestyle, grocery, and curated products via peer-to-peer referrals on WhatsApp across tier 2, 3 and 4 towns and cities.
Talking about the development, Angad Kikla, Co-founder of CityMall, said,
“India’s next 300 million Internet users from smaller cities, towns, and villages depend on assisted commerce formats driven by pricing, trust and feasibility to encourage online purchase for everyday products. The accelerated pace of our growth in the past 10 months is a testimony of our ability to create a sustainable and effective model to address the challenges faced by traditional e-commerce models in Tier 2, 3 and 4 markets of India.”
The platform has close to 20,000 resellers that serve over 2 lakh customers across their communities.
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