Home » India-based CityMall raised $75m led by Norwest Venture Partners

India-based CityMall raised $75m led by Norwest Venture Partners

by gtalknews
indiabased citymall 75m norwest venture partnersbhushan

Indian-based social startup Citymall recently raised $75 million in a series C round. This funding round was led by Norwest Venture Partners. Many investors were involved with this funding, such as Access, Jungle Ventures and Elevation. This company has so far raised funds three times, and Jungle Ventures have invested two times higher in this present funding round. This company caters to the needs of Tier 2, Tier 3 and Tier 4 towns and helps in providing financial opportunities to community leaders or micro-entrepreneurs.

Citymall was founded in 2019 by Naisheel Vardhan and Angad Kikla. This company has witnessed a month-on-month growth of 30% in the last one and half years in terms of the gross merchandise value. Moreover, the company has also succeeded in creating approximately 3,00,000 community leaders across 25 cities and towns.

This funding will help the company improve its engineering and leadership teams, add new categories to the marketplace, and expand its business in at least 100 cities within 18 months. Besides this, the company is also willing to expand its business in fashion and General merchandise.

In March last year, Citymall raised $ 11 million through Series A funding led by Accel Partners.  After this, it raised $22.5 million in Jungle Ventures and General Catalyst-led Series B fundraising.

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