India: Social E-Commerce Startup CityMall Raises $3m Led by Elevation Capital

India: Social E-Commerce Startup CityMall Raises m Led by Elevation Capital

CityMall, a social e-commerce venture has raised $3 million in its seed funding round led by Elevation Capital. The round also saw participation from Waterbridge ventures, Arun Tadanki’s private syndicate on LetsVenture.

Founded in 2019 by Angad Kikla and Naisheel Verdhan, CityMall claims to have developed a community commerce platform, for everyday products, for the next 300 million Internet users.

The proceeds of this fresh funding will be utilised to build a robust network of CityMall Community Leaders, expand its supply chain in smaller tier 3 and 4 cities in India, apart from building a core team. The funding will also be used to introduce new categories such as fresh, grocery and FMCG and expand its network further in tier 2 cities, the company said in a statement.

The startup plans to build a decentralised e-commerce ecosystem and enable micro-entrepreneurs to run virtual digital stores by bringing e-commerce technology and cutting-edge customer analytics on their smartphones.

In the past six months, CityMall claims to have achieved a 12x growth in revenue and has established presence in smaller towns and cities including Rewari, Dharuhera, Pataudi, Sonipat and Bahadurgarh.

South Africa Today

Read more at VolaNews