Gurugram-based social commerce startup CityMall has raised $38 million (₹334 crore) in its Series D round, led by Accel with participation from existing backers including Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst.
This marks the company’s first significant funding in over three years, following its $75 million Series C round in March 2022. Despite the infusion, CityMall’s valuation remains flat at $316 million (₹2,780 crore), according to regulatory filings.
Investor Participation
Accel led the round with nearly $19.7 million (₹173.2 crore), while Waterbridge Ventures and Citius committed $5.9 million and $5.5 million, respectively. Norwest Capital, Elevation Capital, General Catalyst, and angel investor Rohit Agarwal also contributed to the round.
The company has indicated that proceeds from this round will be deployed towards capital expenditure, marketing initiatives, and general corporate purposes.
Business and Growth Strategy
Founded in 2020, CityMall is a grocery-first social commerce platform catering primarily to Tier II and Tier III cities. Through its network of community resellers, the startup provides access to daily essentials, FMCG products, and household items, while also eyeing expansion into beauty, lifestyle, and accessories categories.
According to TheKredible, the company has now raised over $110 million across multiple rounds.
Financial Performance
In FY24, CityMall reported 23% YoY growth in GMV, reaching ₹427 crore, compared to ₹346.4 crore in FY23. However, its net losses widened by 10% to ₹159 crore during the same period, highlighting the challenges of balancing growth with profitability.
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