Latest News | CityMall Raises USD 11 Million in Round Led by Accel Partners

New Delhi, Mar 25 (PTI) E-commerce platform CityMall on Thursday said it has raised USD 11 million in a Series A funding round led by Accel Partners.

Existing investor Elevation Capital and WaterBridge Ventures also participated in the round.

"The proceeds of this funding will be employed to strengthen CityMall's supply chain, logistics network and expand its footprint to 20 new cities in tier II, III and IV markets," CityMall said in a statement.

CityMall had raised USD 3 million in a seed round led by Elevation Capital which the company claims helped it achieve 25-fold growth in revenues by building a network of more than 20,000 community leaders that serve over 2 lakh customers across their communities.

"With a successful fundraise, we are confident of achieving sustained revenue growth by building a robust supply chain management, as well as expanding CityMall's network to 20 new cities in the next one year," CityMall co-founder Angad Kikla said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)