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Deepti Sri · · 1 min readSources: Indian social commerce firm CityMall to raise $30m in new funding
“After Meesho and DealShare, CityMall is now raising a round from new and existing investors,” Entrackr reported, citing three people aware of the development.
Details:
- India-based social commerce startup CityMall is reportedly in talks to raise US$25 million to US$30 million in its series B financing round led by General Catalyst, with participation from existing investors including Accel Partners, Elevation Capital, and Jungle Ventures.
- The fresh funding will likely lift the company’s valuation to US$150 million, up from between US$40 million and US$50 million after it had closed its series A round.
Context:
- In March, CityMall banked US$11 million in a funding round led by Accel Partners to bolster its supply chain and logistics network as well as expand its footprint to 20 new cities in India’s Tier 2, 3, and 4 areas.
- With the new round of funding, the company could become the third most valued social commerce startup in India after Meesho and DealShare.
Editing by Collin Furtado and September Grace Mahino
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