Further, the company intends to strengthen its presence in the existing 40 towns in its network, and aims to expand its reach to 100 new towns in the coming months, the statement said.
Citymall has raised USD 36.5 million till date. In March, CityMall had raised USD 11 million funding, while it received a USD 3 million seed investment in May last year.
Founded in 2019, by Angad Kikla and Naisheel Verdhan, CityMall is a homegrown community-based e-commerce platform targeted at consumers in tier II, III and IV towns and provides income opportunities to a network of micro-entrepreneurs called community leaders.
"We are building CityMall with a vision to transform their experience with the internet - by providing them with access to earning opportunities as well as affordable products and services. CityMall is pioneering a unique community led e-commerce channel of distribution targeted at Bharat users," Angad Kikla, co-founder of CityMall, said.
Citymall co-founder Naisheel Verdhan added that the platform gamifies the journey of community leaders and provides them with technology and consumer analytics to run and grow their virtual digital stores, while the customer app offers a simple and personalised buying experience for end-consumers.
Recently, the company has expanded beyond daily-use products like groceries and FMCG products, into fashion, electronics, electrical appliances, cosmetics and others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.