CityMall raises $75 million led by Norwest Venture; Valuation tops $300 million

Following this new round, the company’s valuation exceeded $300 million, a person familiar with the matter told VCCircle.

The fundraising also saw the participation of General Catalyst, Citius, Jungle Ventures, Arena Ventures, Elevation, Accel and Waterbridge.

With the latest funding round, the startup has raised $110 million so far. The company said Jungle Ventures has doubled down on its investment from the Series B round of Citymall.

CityMall added new income to strengthen its leadership and engineering teams, roll out new categories on its platform, expand existing supply chain and technology stack, as well as expand its reach to 100 cities over the next 18 months. planned to use.

The company also oversees the expansion of its newly added fashion and general merchandise operations.

CityMall said it is targeting 500 million new-to-Internet users in tier 2, 3 and 4 cities, where traditional e-commerce penetration is low because of the low ticket size users in these cities. Customer supply chain is not viable.

“Shopping habits in India’s small towns include heavy offline support and social proof. The ticket size of these purchases is also one-third of what we have in metro cities,” said Angad Kikla, Co-Founder, Citymall.

“CityMall’s community leaders not only assist first-time e-commerce users with their purchases, but also act as demand aggregation points, creating a highly efficient supply chain that can support low ticket sizes .

With over 30,000 community leaders on stage, we’ve seen tremendous growth and best in class unit economics over the past 12-15 months.”

Founded in 2019 by Angad Kikla and Naysheel Vardhan, Citymall provides access to online commerce in Tier-II and lower cities through its network of community leaders, who act as both marketing partners and logistics partners for the company .

The company claims month-on-month growth of more than 30% over the past 18 months, and says it has created entrepreneurship opportunities for more than 30,000 community leaders in 25 towns and cities.

It further said that around 80% of its users have never transacted on any e-commerce platform before. On average 10 consumers place an order with a community leader.

“CityMall is innovating at the intersection of 2 megatrends that we have seen for the first time globally: the upgrade in consumption toward greater assortment and better quality in many emerging markets, and the leap of commerce from brick-and-mortar by increasing online connectivity. enabled,” said General Catalyst Managing Director Alex Tran.

“The next front for this is serving customers in Tier 2 to Tier 5 cities, where CityMall has proven strong product-market-fit and growth,” Tan said.