Indian e-commerce startup Citymall has made headlines once again with its latest announcement of raising $47 million in Series D funding. The funding was led by Accel, a leading global venture capital firm, with participation from existing investors including Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures. This latest round of funding is a testament to the growing success of Citymall, which focuses on budget-focused grocery delivery for tier 2 and tier 3 towns in India.
Citymall was founded in 2019 with the aim of providing affordable and convenient grocery delivery services to the underserved markets of tier 2 and tier 3 towns in India. With the rise of e-commerce and the increasing demand for online grocery shopping, Citymall has quickly established itself as a major player in the Indian market. The startup has seen tremendous growth in the past two years, with its user base growing at an impressive rate and its revenue multiplying exponentially.
The Series D funding will enable Citymall to further expand its reach and strengthen its position in the Indian e-commerce market. The company plans to use the funds to enhance its technology infrastructure, scale its operations, and add new features to its platform to provide a seamless experience for its customers. Citymall also aims to expand its product offerings and enter new markets in the coming months.
Speaking about the latest funding round, Citymall’s co-founder and CEO, Mr. Rajesh Sharma, said, “We are thrilled to have Accel lead our Series D round of funding. This is a significant milestone for us and a testament to the hard work and dedication of our team. We are grateful for the continued support of our existing investors and are excited to have Accel join us on our journey to revolutionize the e-commerce market in India.”
Accel, which has a strong track record of investing in successful startups, is equally excited about the partnership with Citymall. Mr. Pratik Agarwal, Partner at Accel, said, “We are impressed by Citymall’s innovative business model and their commitment to providing affordable grocery delivery services to the underserved markets in India. We believe that Citymall has the potential to become a major player in the e-commerce industry, and we are excited to partner with them on their journey.”
Citymall’s success story has not gone unnoticed, and the startup has received recognition from various industry experts and media outlets. The company was recently awarded the ‘Best E-commerce Startup’ at the prestigious Indian Startup Awards 2021. This latest round of funding is a testament to the growing trust and confidence that investors have in Citymall’s business model and its potential for growth.
The e-commerce industry in India is booming, and Citymall’s focus on tier 2 and tier 3 towns sets it apart from its competitors. These towns, which have a significant population but lack access to affordable and quality products, have immense potential for growth in the e-commerce market. With Citymall’s budget-focused approach, it is not only catering to the needs of these towns but also creating job opportunities and contributing to the economic growth of these regions.
In conclusion, Citymall’s latest funding round is a significant milestone for the startup and a testament to its potential for growth in the Indian e-commerce market. With the support of leading investors and its dedicated team, Citymall is well on its way to becoming a major player in the industry. As the company continues to expand its reach and offerings, it is set to revolutionize the way people shop for groceries in tier 2 and tier 3 towns in India.
