Social Commerce Platform CityMall Bags USD 75 million In Its Series-C Round Led by Norwest Venture Partners

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Social commerce platform CityMall has raised Rs 574 crore or $75 million led by Norwest Venture Partners and participated by other new and existing investors. This would be the third funding round for the Gurugram-based firm in a year.

CityMall has approved the allotment of 1 equity share and 11,771 preference shares at an issue price of Rs 458,716 per share to raise Rs 574 crore or $75 million, regulatory filings show. Norwest Capital and Citius Fund are the largest investors in this round with Rs 142.52 crore and Rs 112.52 crore investment respectively. Jungle Venture, Elevation Capital, AM Holding, General Catalysts, Waterbridge Ventures and Accel have Rs 90 crore, Rs 60 crore, Rs 56.2 crore, Rs 30 crore and Rs 22.5 crore respectively.

CityMall had raised $11 million Series A in March and $22.5 million Series B in June. According to Fintrackr’s estimates, the company has been valued at about $320 million in the Series C round. Further, the company has also increased its ESOP pool from 1381 options to 2912 options and is now worth Rs 135 crore or $17.5 million.

Also, Read This: Jaipur-based Social Commerce Startup DealShare Bags USD 45 million From ADIA

Founded in 2019 by Angad Kikla and Naisheel Vardhan, CityMall is a Gurugram-based social commerce startup that deals in grocery, fresh and packaged FMCG products, white goods, electronics and fashion products in Tier III and Tier IV towns and villages.

The startup’s services at present is operational across Haryana, UP, and Delhi NCR region and claims to doubling down its gross merchandise value (GMV). It claims to have around 20,000 resellers, 200K consumers in eight smaller cities across the state of Haryana.

CityMall had generated income for the first time in the fiscal year ending March 2021. Its operating revenue stood at Rs 14.95 crore in FY21 while it incurred a loss of Rs 10.4 crore during the same period.

CityMall’s closed rival DealShare recently topped up its Series E round with $45 million. The Tiger Global-backed company is the second unicorn from the social commerce space after Meesho. CityMall also competes with Farmio by Meesho and a few others.

Also, Read This: Gurugram-based CityMall Bags USD 22.5 million in Series B Round

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