Highlights
CityMall Achieves Significant Growth in FY24
CityMall, an innovative social e-commerce platform catering to smaller cities and towns, recorded an impressive year-on-year growth of over 23% for the fiscal year concluding in March 2024. The company’s gross revenue surpassed Rs 420 crore during this period.
According to the standalone financial statement obtained from the Registrar of Companies (RoC), CityMall’s gross merchandise value (GMV) rose to Rs 427 crore in FY24, up from Rs 346.4 crore in FY23.
Revenue Breakdown
CityMall offers a variety of products, including lifestyle items, groceries, and essentials, through a robust network of community resellers in tier II and III cities. The revenue generated from product sales constituted:
- 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24.
The remaining GMV was derived from logistics and marketing services, amounting to Rs 35.8 crore. Additionally, CityMall earned Rs 32 crore from interest on deposits and investments, bringing its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23.
Expense Overview
On the expenditure side, the cost related to product procurement represented the highest expense, rising by 20.4% to Rs 390 crore in FY24. Other notable expense increases included:
- Employee benefit expenses, which grew by 7.7% to Rs 91 crore.
- Transportation costs, which surged by 45.5% to Rs 56 crore.
Overall, CityMall’s total expenses escalated by 17.7% to Rs 615.2 crore in FY24, in contrast to Rs 522.7 crore in FY23.
Losses and Financial Metrics
Consequently, the losses for the Accel-backed company increased by 10%, reaching Rs 159 crore in FY24, up from Rs 145 crore in FY23. The company’s return on capital employed (ROCE) and EBITDA margins stood at -36.18% and -30.34%, respectively. On a unit basis, CityMall incurred a cost of Rs 1.44 to generate one rupee of operating revenue in FY24. At the end of FY24, the Gurugram-based firm reported total current assets of Rs 427 crore, which included Rs 187 crore in cash and bank balances.
Funding and Competition
CityMall has successfully raised over $110 million in total funding, including a $75 million Series C round led by Norwest in March 2022. According to various sources from the startup data intelligence platform, Elevation Capital is the largest external stakeholder, followed by Accel and Jungle Ventures.
In contrast, DealShare, a close competitor of CityMall, experienced a 75% decline in gross scale in FY24, although it managed to reduce its losses by 66% in the same fiscal period.
