| |
Recently, one of the popular social E-Commerce and online grocery stores or platforms “CityMall has declared to have raised $11 million in a seed funding round- Series A. The round was led by Accel Partners. Moreover, Elevation Capital also participated in the investment after leading the $3 million first round in June 2020, stated by the report.
The firm said that it will use the funds to strengthen its supply chain, expansion of business to twenty new cities, and logistics.
While highlighting the aim and more light to the findings, Angad Kills Co-founder of CityMall said in the report- “India’s next 300 million internet users from smaller cities, towns, and villages depend on assisted commerce formats driven by pricing, trust, and feasibility to encourage online purchase for everyday products. The accelerated pace of our growth in the past 10 months is a testimony of our ability to create a sustainable and effective model to address the challenges faced by traditional e-commerce models in tier-II, tier-III, and tier-IV markets of India”.
The company was founded by Kills and Naisheel Verdhan in 2019. It is a commodity commerce platform designed for around 400 cities, villages, towns for daily purpose products like grocery and home commodities. Its community group purchase model with the motive to help me internet and eCommerce and become entrepreneurs.
It has been remarked by Akarsh Shrivastava, Vice President of Elevation Capital and he stated- “Tier-2 grocery is a very broad opportunity, which has remained unseen, due to different challenges that traditional eCommerce models have faced problems to address. The community has allowed it to bridge the gap and offer high trust and a seamless purchasing experience.
Lastly, it has shared in the report it has grown 25 times since 2019 and it serves more than 200,000 prospects across different locations.
Pratik Agarwal Vice President Accel Partners commented- “we hope CityMall sets a great example for Indian founders and startups to innovate and serve the next 500 million Indian prospects while developing a very valuable business in the process.
Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.
