CityMall is looking to hire 400 people this year with its latest fundraise
CityMallhas raised $75 million to double down on its current workforce and expand to newer cities.
- The company also plans to introduce newer categories on its platform and expand existing ones.
- Though the company has not disclosed its valuation, cofounder Angad Kikla confirmed that it is above $300 million.
AdvertisementIndian social commerce platform CityMall on Wednesday announced its $75 million fundraise to double down on its current workforce and expand to newer cities. The company plans to hire 400 people in leadership and engineering positions in the next 12 months.
The company also plans to introduce newer categories on its platform and expand existing ones, along with building a stronger supply chain and tech stack.
It is also looking to expand its geographical presence to 60 towns in the next 12-15 months, the company’s cofounder Angad Kikla told Business Insider. Overall, the company plans to enter 100 towns in the next 18 months. These towns will be shortlisted based on the digital literacy in the region, per capita income and penetration of other ecommerce platforms like Amazon and Flipkart.
The three-year-old startup’s latest Series C round is led by Norwest Venture Partners. General Catalyst, Citius, Jungle Ventures, Arena Ventures, Elevation, Accel and Waterbridge also participated in the round. Though the company has not disclosed its valuation, Kikla confirmed that it is above $300 million.
Overall, the company has raised over $110 million.
CityMall enables micro-entrepreneurs — known as community leaders on the platform — to set up their virtual stores on WhatsApp and sell products to their close networks using ecommerce tools and customer analytics. The company currently claims to have a network of 30,000 community leaders across 25 towns and cities, including Sonipat, Panipat, Rewari, Faizabad and others.
The company — founded in 2019 by Kikla and Naisheel Vardhan — deals in grocery, fresh and packaged fast moving consumer goods (FMCG) products, electronics and fashion products in the small towns and villages. “80% of our customers do not use any other ecommerce apps,” Kikla said.
CityMall currently competes with DealShare, Glowroad and Simsim. Meesho too was in the segment, but the company changed its business model to a full-fledged ecommerce platform.
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