CityMall Secures Rs 334 Crore in Series D Funding

CityMall, a grocery-focused social e-commerce platform, is preparing to raise Rs 334 crore ($38 million) in a Series D funding round. This investment will be led by existing investor Accel and will also see participation from Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst. This marks the first significant funding for the Gurugram-based firm in 3.5 years, following its $75 million Series C round in March 2022.

Details of the Series D Funding Round

The board of CityMall has approved the issuance of 7,278 Series D CCPS and an equity share at an issue price of Rs 4,58,716 each to generate the targeted funding amount, as per a regulatory filing accessed from the Registrar of Companies (RoC). Accel is set to lead this round with an investment of Rs 173.2 crore ($19.7 million), while Waterbridge Ventures will invest Rs 52 crore ($5.9 million). Citius and Norwest Capital are expected to contribute Rs 48.38 crore ($5.5 million) and Rs 25.96 crore ($2.95 million), respectively. Additionally, Elevation Capital will invest Rs 21.65 crore, General Catalyst will contribute Rs 8.67 crore, and angel investor Rohit Agarwal will also partake with Rs 4 crore.

Use of Proceeds

The funds raised will be allocated for capital expenditure, marketing, and various general corporate purposes, as highlighted in the filing. According to estimates from Startup Superb, the company’s valuation continues to hover around Rs 2,780 crore or $316 million. It’s anticipated that CityMall may seek additional funds in this round, which could affect its valuation.

Company Growth and Future Plans

Founded in 2020, the grocery-focused social commerce startup CityMall provides a range of daily necessities, including grocery items, fast-moving consumer goods (FMCG), and home and kitchen products. The company plans to diversify its offerings by venturing into new categories such as beauty and accessories through its expansive network of community resellers in tier II and III cities.

As per insights from various startup data intelligence platforms, CityMall has accumulated over $110 million through multiple funding rounds. Although the Accel-backed company has not yet submitted its FY25 financials, it reported a remarkable growth of over 23% year-on-year in gross revenue (GMV) for FY24, reaching Rs 427 crore, compared to Rs 346.4 crore in FY23. Nevertheless, its losses saw a 10% increase during the same period, amounting to Rs 159 crore.