Online commerce startup CityMall has raised $47 million (around Rs 414 crore) in a Series D round led by Accel, with participation from existing investors Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures.
With this, the company’s cumulative funding has reached $165 million. Prior to this, the company had raised $75 million in March 2022 at a valuation of around $300 million. In June 2021, it had raised $22.5 million in Series B funding.
The company said it plans to use the fresh capital to strengthen its value-commerce model for tier II and smaller cities and towns in the country. It also plans to deepen penetration in existing regions, expand into adjacent geographies, and scale its low-cost distribution infrastructure.
Alongside, the company will build its portfolio of private labels and brand partnerships, and hire across technology, product, and operations.
Founded in 2019 by Angad Kikla, Naisheel Verdhan, and Rahul Gill, CityMall provides access to online commerce for tier II and smaller cities through its network of community leaders, who serve as both marketing and logistics partners. CityMall claims its distribution network is up to three times more efficient than that of traditional e-commerce players.
“In small towns across the country, families have been overpaying for everyday essentials simply because they had limited choices. That's not just a business gap; it's a human problem that deserves a human solution,” said Kikla, co-founder and CEO of CityMall. “When you marry technology with a disruptive low-cost distribution model, you create something meaningful - a model where affordability meets aspiration, and innovation serves those who need it most. We're not trying to replicate what works in metros; we're building something entirely new for the next India," Kikla added.
CityMall currently operates in over 60 cities across Delhi-NCR, Uttar Pradesh, Haryana, Uttarakhand, and Bihar, and claims to have maintained 2x year-over-year growth over the past few years.
