BENGLAURU: Social e-commerce and online grocery platform CityMall said Thursday that it has raised $ 11million as part of its Series A funding round, led by Accel Partners. Ordinary investors Elevation Capital, Jungle Ventures and WaterBridge Ventures also participated in the tour.
The money will be used to strengthen CityMall’s supply chain, logistics network, and expand its footprint to 20 new cities in tier 2, 3 and 4 markets. It aims to expand its network. increase to more than 2 lakh customers by 2022.
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The latest funding comes six months after raising $ 3 million as part of its seed funding managed by Elevation Capital.
“The next 300 million internet users in India from cities, towns and villages rely on supported forms of business driven by price, trust and feasibility to buy online. motivation for daily results. The accelerated pace of our growth in the last 10 months is a testament to our ability to create a sustainable and efficient model to meet the challenges of traditional e-commerce models in the Tier 2, 3 and 4 markets. India, ”said Angad Kikla, co-founder, CityMall.
Two-year CityMall is a social e-commerce platform that sells lifestyle, grocery, and currant products through peer-to-peer references on WhatsApp, across tier 2, 3 and 4 cities and towns.
“Grocery is a huge opportunity in the Tier 2 areas, which has not yet been exploited due to the unique challenges that traditional e-commerce models have struggled to deal with. Citymall’s community group buying model has allowed it to close this gap and offer high and super reliability of convenient shopping experience (while being competitively priced), ”said Akarsh Shrivastava, vice president, Elevation Capital.
CityMall has nearly 20,000 resellers serving over 2 lakh customers across their communities.
“At Accel we firmly believe in the power of the internet to improve quality of life. The first generation of internet access left 100 million Indian customers without access and now democratic access to affordable mobile internet has opened up the opportunity. We hope Citymall sets an example for Indian founders to innovate and serve the next 500mn Indian customers, ”said Pratik Agarwal, vice president, Accel Partners.