CityMall secures USD 75 mln Series C for further expansion in India

Monday 4 April 2022 13:36 CET | News

India-based commerce platform CityMall has closed Series C funding round led by Norwest Venture Partners, bringing the total funds raised to USD 110 million.

The company said that it would deploy the funds towards strengthening its leadership and engineering teams, introducing new categories on its platform, and entering newer Indian states, expanding its existing supply chain and tech stack, and deepening its penetration to reach 100 towns in India until 2023. 

CityMall witnessed the steady growth of the GMV on its platform at 30% month-on-month and expects it to grow to USD 1 billion. It is primarily focused on aiding residents of small cities, towns, and villages in India where traditional ecommerce has failed to penetrate.

It follows a community group buying (community commerce) model. Its community leaders work on a commission-based model and are the social and geographical connectors between the startup and the customers. They help CityMall in gaining new customers, localised sales and marketing (across grocery, FMCG, electronics, and fashion), and last-mile logistics in the communities.

CityMall is clocking increased traction from its Tier II and III markets and has been growing steadily over the past 18 months. Today, it has over 30, 000 community leaders across 25 towns and cities. Additionally, CityMall will expand its presence in its recent venture, fashion and general merchandise.

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Keywords: ecommerce, funding, expansion, social commerce
Categories: Payments & Commerce
Countries: India
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Payments & Commerce

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