Citymall, a social commerce platform, has raised $75 million in a Series C fundraising round headed by Norwest Venture Partners to expand its community group buying concept to more small towns across the country.
According to a senior company official, the round values Citymall at around $350 million.
According to Angad Kikla, co-founder and CEO of Citymall, the funds will be used to grow across categories and geographies and develop the company’s back-end technology.
“We plan to expand to 100 cities in next 18 months,” Kikla said. “We plan to enter newer states within India and will expand into fashion and general merchandise, too.”
Over the following 12 months, Citymall anticipates its platform’s gross merchandise value (GMV) to reach $1 billion. In addition, the company has raised a total of $110 million to date.
“The company’s GMV has been growing strongly at 30% month on month and we are seeing greater traction from our tier III and II markets,” Kikla said.
“We have been impressed by the strong product-market fit and hypergrowth that Citymall has demonstrated over the last few months,” said Niren Shah, managing director and India head of Norwest Venture Partners. In addition, he praised the firm’s “efficient customer acquisition and lower supply chain costs”.
