VC Fund Investments
M-commerce startup CityMall raises $22.5 M from General Catalyst, Jungle Ventures, others
Gurugram-based CityMall, a community-based e-commerce venture, has raised USD 22.5 million (about INR 167 crore) led by General Catalyst and Jungle Ventures. The series B round also saw participation from existing investors Accel, Elevation Capital and WaterBridge Ventures. Citymall will use the fresh funds towards hiring, technology and building its own logistics network, including warehouses and hubs. Further, the company intends to strengthen its presence in the existing 40 towns in its network, and aims to expand its reach to 100 new towns in the coming months. Founded in 2019, by Angad Kikla and Naisheel Verdhan, CityMall targets consumers in tier II, III and IV towns and provides income opportunities to a network of micro-entrepreneurs called community leaders.
From the Venture Intelligence PE-VC Deal Database: Between Jul-19 and Feb-21, CityMall had raised over $17-M from WaterBridge Ventures, Accel India, Elevation Capital, Madison Capital, Stellaris Venture Partners, M&S Partners, Sequoia Capital India and others.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
