Social e-commerce and online grocery startup, CityMall has raised $11 million in a Series A round led by Accel Partners alongside the participation from existing investors Elevation Capital and WaterBridge Ventures participated in the funding round.
CityMall plans to use the funding to strengthen its supply chain, logistics network, and expand its footprint to 20 new cities in Tier-II, III, and IV markets. It also aims to have over two lakh customers and the same number of community leaders by 2022.
CityMall is a social e-commerce and online grocery platform Startup, founded by Angad Kikla and Naisheel Verdhan in 2019. CityMall positions itself as a community commerce platform designed for the next 400 small cities, towns, villages with a focus on everyday use categories such as grocery FMCG, fresh as well as particular and kitchen related 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 ecommerce models in Tier-II, III, and IV markets of India,” said Angad Kikla, Co-founder of CityMall.
Since the seed round led by Elevation Capital in June 2020, the startup has achieved 25 times growth in revenue. During this period, CityMall has also established a presence in many small towns like Rewari, Rohtak, Panipat etc.
Vice President of Elevation Capital, 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.”