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Community commerce platform Citymall buys back Esop worth $1.3 M

BusinessWorld  

CityMall has conducted its first Employee Stock Ownership Plan (Esop) buyback programme worth USD 1.3 million. Over 50 employees across its senior management and core team participated in the buyback programme. CityMall is backed by Accel, Elevation Capital and General Catalyst. It managed to raise USD 75 million in March, three months after which the company fired around 191 employees. The firm, founded in 2019 by Kikla and Naisheel Verdhan, is a community commerce platform for small cities, towns and villages and sells grocery, fastmoving consumer goods (FMCG) along with home and kitchen-related products across 22 cities.