CityMall Inks a deal of $75 million in Series C funding Round Shows 140% Growth
Social commerce startup brand CityMall has cracked the deal and raised $75 million in its Series C round led by Norwest Ventures just before the start of FY23. The freshly raised fund enabled it to hack 140% growth in its gross revenue in the last fiscal year.
According to annual financial statement filed with the Registrar of Companies, CityMall’s revenue from operations went up to Rs. 352 crore in the fiscal year ending March 2023 from Rs. 144 crore in FY22.
About the costing part, the company said that, the procurement of goods is the largest burn accounting for 62% of the firm’s overall expenditure. In line with scale, this cost surged 2.4X to Rs. 326 crore in FY23 while its employee benefits saw an increase of 56.4% during the said period.
On the other hand, the rent, advertising cum promotional, transportation, cloud/hosting, contractual manpower, and other overheads took the overall expenditure up by 88.53% to Rs. 526 crore in FY23 from Rs. 279 crore in FY22.
After the sudden surge in expenses, the company has managed to hold tight control on losses which grew only 10% to Rs. 145 crore in FY23 compared to Rs. 131 crore in FY22. The ROCE and EBITDA margin of the company stood at -25% and -35.7% respectively.
The company CityMall was founded in 2019 which was aiming to help the 200-300 million new to Internet users realize the power of Internet and e-commerce. They are planning to create India's largest chain of virtual stores on WhatsApp. The company mainly deals in lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. This Gurugram Based farm has collaborated with 20,000 resellers, and 200K consumers in eight smaller cities across the state of Haryana.
The sale of traded goods formed 94.8% of the total operating revenue for CityMall which increased 2.43X to Rs. 334 crore in FY23. Logistics, marketing contracts, brand, and scrap were other revenue drivers of the Elevation Capital backed company.
According to the data of startup data intelligence platform The Kredible, Elevation Capital is the largest external stakeholder with 18.58% followed by Accel Partners and Jungle Ventures. Its co-founders Naisheel Verdhan and Angad Kikla collectively hold 19.23% of the company. CityMall has raised over $110 million across several rounds and was valued at around $300 million in its last equity funding round
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According to annual financial statement filed with the Registrar of Companies, CityMall’s revenue from operations went up to Rs. 352 crore in the fiscal year ending March 2023 from Rs. 144 crore in FY22.
About the costing part, the company said that, the procurement of goods is the largest burn accounting for 62% of the firm’s overall expenditure. In line with scale, this cost surged 2.4X to Rs. 326 crore in FY23 while its employee benefits saw an increase of 56.4% during the said period.
On the other hand, the rent, advertising cum promotional, transportation, cloud/hosting, contractual manpower, and other overheads took the overall expenditure up by 88.53% to Rs. 526 crore in FY23 from Rs. 279 crore in FY22.
After the sudden surge in expenses, the company has managed to hold tight control on losses which grew only 10% to Rs. 145 crore in FY23 compared to Rs. 131 crore in FY22. The ROCE and EBITDA margin of the company stood at -25% and -35.7% respectively.
The company CityMall was founded in 2019 which was aiming to help the 200-300 million new to Internet users realize the power of Internet and e-commerce. They are planning to create India's largest chain of virtual stores on WhatsApp. The company mainly deals in lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. This Gurugram Based farm has collaborated with 20,000 resellers, and 200K consumers in eight smaller cities across the state of Haryana.
The sale of traded goods formed 94.8% of the total operating revenue for CityMall which increased 2.43X to Rs. 334 crore in FY23. Logistics, marketing contracts, brand, and scrap were other revenue drivers of the Elevation Capital backed company.
According to the data of startup data intelligence platform The Kredible, Elevation Capital is the largest external stakeholder with 18.58% followed by Accel Partners and Jungle Ventures. Its co-founders Naisheel Verdhan and Angad Kikla collectively hold 19.23% of the company. CityMall has raised over $110 million across several rounds and was valued at around $300 million in its last equity funding round
