Social commerce and online grocery platform CityMall has bagged a fresh funding of $11Mn in a Series A round led by Accel Partners. Existing and other high profile investors like Elevation capital and Jungle Ventures also participated in the round.
The latest proceeding has come barely 6 months after CityMall raised $3Mn in a seed funding round led by Elevation Capital. The Gurugram based company said that it will use the fresh capital infusion for ramping up its supply chain, logistics network and increase its presence to 20 new regions in tier 2, 3, 4 markets. Furthermore, the startup aims to increase its customer base to more than 2 lakh customer base by end of next year.
Since its inception two years back, CityMall has laid a special emphasis on customers hailing from smaller towns. The startup maintains that the next phase of India’s internet growth will come from smaller towns and villages and therefore they will prove to be a breeding ground of opportunities for young tech companies.
This intrinsic philosophy of CityMall is reflected in its official press release statement as well. CityMall co-founder, Angad Kikla, said “The accelrated pace of our growth in the past 10 months is a testimony of our ability to create sustainble and effective model to the challanges faced by traditional e-commerce models in Tier 2, 3 and 4 markets.”
Founded in 2019, CityMall helps customers in setting up digital grocery store through its app. This digital store is actually created on instant messaging app Whatsapp. The company claims that setting up digital store via its app is very easy and has helped scores of people in becoming a successful entrepreneur. The startup currently offers its services to 8 cities.
Social media commerce is witnessing a sporadic interest from investors, with investors hoping that India’s nascent social commerce industry will be able to replicate China’s impressive in the social commerce field.