CityMall social commerce platform is in talks to raise a new round of $ 70 million from new and existing backers, according to three people informed of the deal. This will be the third round for the Guguram-based startup in 2021. It had raised $ 11 million in Series A in March and $ 22.5 million in Series B in June.
“CityMall is in talks with new and existing donors, including General Catalyst, Elevation and Accel, to raise a Series C round,” said one of the people familiar with the details of the transaction, asking for anonymity. “The company is expected to raise over $ 70 million in the new round.”
The talks came at a time when DealShare is also heading for a new round with a valuation of over $ 1.5 billion and the entry of Swiggy and Meesho into grocery-focused social commerce. Trickypedia would have exclusively reported on DealShare’s possible entry into the Unicorn Club in August.
Swiggy is also launching the Swiggy Bazaar, the Trickypedia would have exclusively reported on October 12th. Meesho experimented with food through Farmiso.
“CityMall will have a value of 300 to 350 million dollars in the new round,” said the second person, who also did not want to be named. “In addition, the company will also raise significant debt.”
Inquiries to CityMall, Accel and Elevation did not result in an immediate response.
The two-year CityMall. was founded by Angad Kikla and Naisheel Verdhan sold Over 3,000 products in the lifestyle, grocery and other categories through a network of community retailers in Level II and III cities. It claims to have around 20,000 resellers and 200,000 consumers in eight smaller cities across the state of Haryana.
With the support of Jungle Ventures and WaterBridge Ventures, CityMall is one of the few startups that have raised three equity rounds within a calendar year or are in the pipeline to complete them. The list includes professional networking platforms Apna, Business-to-business e-commerce platform OfBusiness and the used car trading platform Spinny, which is likely to join the club soon.
Trickypedia would have exclusively reported Spinny’s upcoming round on August 21st.
In the meantime, the social commerce segment’s Posterboy Meesho has continued to clean up big rounds of amazing reviews. It recently wiped out $ 570 million on a valuation of $ 4.9 billion. However, competitors like GlowRoad and Shop101 have been unable to win investor confidence. This led to the takeover of Shop101 by InMobi. Trickypedia would have exclusively reported the consolidation in June.