Citymall, a social e-commerce startup, has raised $ 3 million in funding led by Elevation Capital, along with participation from Waterbridge Ventures, and Arun Tadanki’s private syndicate on LetsVenture.
Founded in 2019 by Angad Kikla and Naisheel Verdhan, Citymall claims it has developed a community commerce platform for everyday products for the next 300 million Internet users.
The proceeds of this fresh funding will be utilised to build a network of community leaders and expand its supply chain tailored for Tier III and IV cities in India, apart from building a core team.
âThe next 300 million Internet users… have a fundamentally different behavior than the first 100 million users. They are native to social platforms like WhatsApp and prefer buying from someone they trust. For that reason, community-led ecommerce is unique as it solves two distinct problems â one creating a layer of trusted community leaders and secondly, disrupting two most significant cost elements of any ecommerce business â customer acquisition and logistics,â Angad Kikla, cofounder of CityMall, said.
The company said it plans to deepen supply chains in Tier II, III, and IV cities and introduce new categories such as fresh, grocery and FMCG going forward.
âApart from being vernacular, our app gamifies the journey of community leaders to help them grow their business on CityMall,â Naisheel Verdhan, cofounder of the startup, said.
In the past six months, CityMall has achieved a staggering 12x growth in revenue and has established presence in smaller towns and cities of Rewari, Dharuhera, Pataudi, Sonipat, and Bahadurgarh.