"The Series D round comes three years after the company's $75 million Series C round led by Norwest Venture Partners. The valuation of the company at $320 million has remained flat over this period. According to sources familiar with the deal who spoke with TechCrunch, investors used nearly a 4x multiple of Citymall's past year of revenue as a benchmark. The company has raised $165 million to date."
"Citymall wants to take a different approach by targeting a different customer segment. The startup targets value-conscious customers who make planned purchases of groceries instead of ordering for their immediate needs through quick-commerce apps. Citymall CEO Angad Kikla explained that the app offers about half the product selection (SKUs) of a quick commerce app but double the selection of an offline value store."
Citymall raised $47 million in Series D funding led by Accel, with participation from existing investors including Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures. The round follows a $75 million Series C three years earlier, leaving the company valued at $320 million, a valuation that has remained flat. Investors used nearly a 4x multiple of Citymall's past-year revenue as a benchmark. The startup has raised $165 million to date. Citymall targets value-conscious customers in tier 2 and tier 3 towns, offering fewer SKUs than quick-commerce apps but more than offline value stores to support planned grocery purchases.
Read at TechCrunch
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