March 7, 2022
April 25, 2022
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Exclusive: CityMall raises $75 Mn in Series C round led by Norwest

Team LetsVenture

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.

CityMall deals in lifestyle, grocery and other categories through a network of community resellers in tier II and III cities. 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.

The Angad Kikla and Naisheel Verdhan-led company has also joined a couple of startups that have raised three funding rounds in the last 12 months. On Monday, B2B animal protein marketplace Captain Fresh announced its $50 million Series C round. The Bengaluru-based company’s previous two rounds came in December and July last year.

Posted by Entrackr on Mar 7 |

Team LetsVenture

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