Social Ecommerce Platform CityMall Raises $22.5M In Series B Funding
CityMall, a social e-commerce platform, has raised $22.5 million in a Series B round of funding led by General Catalyst and Jungle Ventures.
The funding round also saw participation from existing investors Accel, Elevation Capital, and WaterBridge Ventures.
As per the startup, it plans to use the raised amount towards hiring, technology, and building its own logistics network, including warehouses and hubs.
Started by Angad Kikla and Naisheel Verdhan in 2019, CityMall is a social e-commerce platform working 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.
CityMall allows micro-entrepreneurs to open their virtual stores and aggregate demand. The product portfolio of the startup includes groceries, fashion, electronics, electrical appliances, cosmetics, etc.
Speaking about the platform, Angad Kikla said,
“Internet has transformed the lives of consumers living in large metro cities. However, for low to mid-income users in small, the towns use of internet is limited to content and social. We are building CityMall with a vision to transform their experience with the internet – by providing them with access to earning opportunities as well as affordable products and services.”
With this funding, the social e-commerce platform also plans to strengthen its presence in the existing 40 towns and aims to expand this number to 100 in the coming months.
In March 2021, CityMall raised $11million as part of its Series A funding round led by Accel Partners.
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