This news comes on the heels of its Series C round. The company will use the funding to expand its community leader network and user base. Here are the top-line bullets you need to know.
CityMall, a social commerce platform, has raised $75M in a Series C. The round drew participation from Norwest Venture Partners, Accel, General Catalyst, and WestBridge Ventures, among others.
How’s the company performing?
- India-based CityMall helps micro-entrepreneurs across the lifestyle, grocery, and other industries establish digital stores and connect with potential customers.
- The company claims to have a network of around 20K resellers and 30K community leaders across 25 towns and cities.
- It has seen more than 30% month-over-month growth over the past 18 months, generating $2M in revenue in FY’21.
- CityMall expects its Gross Merchandise Value (GMV) to reach $1B over the next year.
Source: CityMall
Why does the market matter?
- The global social commerce market is expected to reach a value of $2.9T by 2026, growing at a CAGR of 30.8%, according to Global Industry Analysts.
- The increasing usage of social media platforms by consumers, particularly amid Covid-19, has convinced businesses to sell their products through such mediums.
- The rising adoption of mobile technologies has also contributed to market growth.
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