[Funding alert] CityMall raises $22.5M in Series B round led by General Catalyst and Jungle Ventures
Summary
CityMall, a social commerce startup focused on Tier II and beyond locations in India, has raised $22.5 million in Series B round of funding led by General Catalyst and Jungle Ventures, with participation from existing investors Accel, Elevation Capital, and WaterBridge Ventures. Founded in 2019, the social commerce startup plans to use the fresh fund towards hiring, technology, and building its own logistics network, including warehouses and hubs. CityMall also plans to strengthen its presence in the existing 40 towns and aims to expand this number to 100 in the coming months. Founded in 2019 by Angad Kikla and Naisheel Verdhan, CityMall also provides income opportunities to a network of micro-entrepreneurs called community leaders. Commenting on the fundraise, Alex Tran, Partner, General Catalyst, said, “As internet penetration reaches beyond metros and into smaller cities and communities, new and innovative social commerce models like CityMall have the potential to offer consumers better buying experiences.”