Accel Leads USD 47 Mn Investment in CityMall In 2022, CityMall had secured USD 75 million in a round led by Norwest Venture Partners.
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Gurugram-based value e-commerce startup CityMall has raised USD 47 million (about INR 414 crore) in its latest funding round led by Accel.
The Series D round also saw participation from existing investors Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures.
The round was closed at a valuation of around USD 320 million, lower than the USD 350 million mark during its Series C fundraise.
With this, the company's total funding has reached USD 165 million since its inception in 2019. In 2022, CityMall had secured USD 75 million in a round led by Norwest Venture Partners.
The fresh capital will be directed towards capital expenditure, marketing, and other corporate needs.
Founded by IIT alumni Angad Kikla and Naisheel Verdhan, the startup operates a value-focused platform that caters to consumers in tier II and tier III towns. It offers affordable products in categories such as fashion, home, kitchen, and packaged food. Distribution is managed through community leaders who aggregate demand locally, helping the platform penetrate smaller markets.
CityMall reported revenues of INR 460 crore in FY24, a 22 percent rise from INR 376 crore in FY23. However, its net loss widened to INR 159 crore from INR 137 crore in the same period, reflecting costs tied to expansion, technology, and logistics.
The company's fundraise comes as India's e-commerce sector witnesses increasing demand from smaller cities. Competitors like Meesho and DealShare are also targeting the same consumer base, underlining the growing competition in the value e-commerce space.
