Social commerce platform CityMall has raised $11 million in Series A funding, led by Accel Partners. Existing investors Elevation Capital and WaterBridge Ventures also participated in the funding round.
CityMall will be using the capital to strengthen supply chain, logistics network and to expand its footprint to 20 new cities in tier II, III, and IV markets. It also aims to expand its network of community leaders to over 200,000 and more than 2 million customers by 2022.
The latest funding comes six months after it raised $3 million as part of its seed funding led by Elevation Capital.
“India’s next 300 million Internet users from smaller cities, towns, and villages depend on assisted commerce formats driven by pricing, trust and feasibility to encourage online purchase for everyday products. The accelerated pace of our growth in the past 10 months is a testimony of our ability to create a sustainable and effective model to address the challenges faced by traditional e-commerce models in Tier II, III and IV markets of India," said Angad Kikla, Co-founder, CityMall.
"Grocery in Tier II geographies is a very large opportunity, which has remained untapped because of unique challenges that traditional e-commerce models have struggled to address. Citymall’s community group buying model has allowed it to bridge this gap and offer a high trust and super convenient purchase experience (while being price competitive)," added Akarsh Shrivastava, Vice President, Elevation Capital.
Launched in January 2020, CityMall is a social e-commerce venture that has developed a community commerce platform for everyday products. It sells lifestyle, grocery and other products through peer-to-peer referrals on instant messaging platform WhatsApp.
CityMall has close to 20,000 resellers that serve over 2 lakh customers across their communities.