Citymall raises $75 million in Series C funding
Social commerce platform Citymall has raised $75 million in its Series C funding round at a valuation of $350 million. The business will use the funds to strengthen its backend technology and to continue to expand.
Citymall’s Series C funding round was led by venture and growth equity firm Norwest Venture Partners, ET Bureau reported. Among other uses, the business plans to use the funds to expand its fashion category to tap into the growing demand for branded apparel in non-metro locations.
“We plan to expand to 100 cities in next 18 months,” Citymall’s CEO and co-founder Angad Kikla told the Economic Times. “We plan to enter newer states within India and will expand into fashion and general merchandise, too.”
The business has been growing quickly and has projected a gross merchandise value of $1 billion in the coming year. “The company’s GMV has been growing strongly at 30% month on month and we are seeing greater traction from our tier III and II markets,” said Kikla.
Angad Kikla and Naisheel Verdhan founded Citymall in 2019 on a group social commerce model. The business focuses on tier 2 to 4 towns where its representatives use their social network to form shopping groups, which get together to purchase goods online and avail discounts. The marketing and logistics partners help their shopping team, some of whom may not have their own internet access, to make purchases, and assist with last-mile delivery.
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