BENGLAURU: Social platform for e-commerce and online grocery stores CityMall said on Thursday that it has raised $ 11 million as part of a series of A-series funding run by Accel Partners. Existing investors Elevation Capital, Jungle Ventures and WaterBridge Ventures also participated in the round.
The proceeds will be used to strengthen CityMall’s supply chain, logistics network and expand its footprint to 20 new cities at levels 2, 3 and 4. It aims to increase the network to more than 2 easy customers by 2022.
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The latest funding comes six months after raising $ 3 million as part of its start-up funds run by Elevation Capital.
“The next 300 million Internet users in India from smaller towns, villages and hamlets depend on price-driven supported trade formats, trust and feasibility to encourage the purchase of everyday products online. The accelerated pace of our growth over the past 10 months testifies to our ability to create a sustainable and effective model to address the challenges faced by traditional e-commerce models at levels 2, 3 and 4 in India, ”said Angad Kikla, co-founder, CityMall.
The two-year CityMall is a social e-commerce platform that sells lifestyle, groceries and curated products via peer-to-peer recommendations on WhatsApp, in cities and towns of levels 2, 3 and 4.
“Tier 2 geography groceries are a very big opportunity that has been left untapped because of the unique challenges that traditional e-commerce models have struggled with. The Citymall community shopping model has allowed it to bridge that gap and offer high trust and super practical shopping experience (although the price is competitive), “said Akarsh Shrivastava, vice president, Elevation Capital.
CityMall has close to 20,000 vendors serving customers of over 2 lakhs in its communities.
“At Accel, we deeply believe in the power of the Internet to improve the quality of life. The first generation of internet access has left 100 million Indian consumers intact, and now the opportunity has been opened by democratic access to affordable mobile internet. We hope Citymall sets an example to Indian founders to innovate and serve the next 500 million Indian consumers, ”said Pratik Agarwal, Vice President, Accel Partners.