CityMall raised $22.5 Million in its Series B funding round. The funding was led by General Catalyst and Jungle Ventures along with existing investors Accel, Elevation Capital, and WaterBridge Ventures. CityMall will use the funds in hiring, technology, and building their own logistics network. The company also intends to strengthen its presence in the existing 40 towns and reach 100 new cities in the upcoming months.
Founded by Angad Kikla and Naisheel Verdhan in 2019, CityMall is a community-based e-commerce platform targeted at consumers in tier 2, tier 3, and tier 4 towns in India. CityMall also provides income opportunities to a network of micro-entrepreneurs called community leaders. The community leaders play a pivotal role in providing access to affordable products and services to the new internet consumers who live in small towns.
Angad Kikla, Co-founder of CityMall, said that the “Internet had transformed the lives of consumers living in large metro cities. However, for low to mid-income users in small towns like Rewari, the use of the internet is limited to content and social. We are building CityMall with a vision to transform their experience with the internet – by providing them with access to earning opportunities and affordable products and services. CityMall is pioneering a unique community-led e-commerce channel of distribution targeted at Bharat users.”
Naisheel Verdhan, Co-founder, CityMall, added, “Our vision is to build a decentralized e-commerce ecosystem for the next 200-300 million Internet users living in small towns and villages. While our app gamifies the journey of community leaders and provides them with technology and consumer analytics to run and grow their virtual digital stores, the customer app offers a super-simple and personalized buying experience for end consumers.”