E-commerce platform CityMall said on Tuesday it has raised $22.5 million (Rs 167.3 crore) as part of its Series B funding round led by venture capital firms General Catalyst and Singapore’s Jungle Ventures.
The startup will use the fresh cash towards hiring, technology and building its own logistics network, including warehouses and hubs.
Existing investors Accel, Elevation Capital and WaterBridge Ventures also participated in this round, CityMall said.
"Our vision is to build a decentralised e-commerce ecosystem for the next 200-300 million Internet users living in small towns and villages,” Naisheel Verdhan, co-founder, CityMall, said.
The Haryana-based company has raised $36.5 million to date. It raised $11 million in Series A funding led by Accel, with participation from existing investors Elevation Capital and WaterBridge Ventures.
CityMall said it intends to strengthen its presence in the existing 40 towns in its network, and aims to expand its reach to 100 new towns in the months ahead.
Founded in 2019 by Angad Kikla and Naisheel Verdhan, CityMall is India's first community-based e-commerce platform that targets consumers in Tier II, Tier III and Tier IV towns in India.
It has evolved its offerings by expanding beyond daily-use products like groceries and FMCG products, into fashion, electronics, electrical appliances, cosmetics.
