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CityMall to raise Rs 55 Cr in debt; expands ESOP pool

EntrackrEntrackr ยท 6m ago
CityMall to raise Rs 55 Cr in debt; expands ESOP pool
Medial

Grocery-focused social e-commerce platform CityMall has raised Rs 55 crore approximately $6.3 million in debt from Trifecta Venture debt fund and Alteria Capital Fund. The board of CityMall has passed a resolution to issue 400 series X NCDs to Trifecta Venture and 1,500 series X1 NCDs to Alterial Capital Fund having face values of Rs 10 lakh and 1 lakh, respectively, to raise the above sum. According to filings, the company will utilize this debt funding for the expansion and growth of the company's business. CityMall's board has expanded its ESOP pool by adding 1,03,300 new options worth Rs 47 crore, increasing the total pool to 3,73,200 options valued at Rs 171 crore. Notably, every 100 ESOP options will be converted into one equity share, a separate resolution shows. CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The company also plans to add new categories such as beauty through this network. The firm has not raised external capital (debt or equity) for the past three years. The firm last raised $75 million in funding led by Norwest Venture Partners in March 2022, where it was valued at $320 million. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. CityMallโ€™s gross revenue (GMV) increased by 23% from Rs 346 crore in FY23 to Rs 427 crore during FY24. The Angad Kikla and Naisheel Verdhan-led firm reported a loss of Rs 159 crore in the same period. DealShare, one of the early competitors of CityMall, pivoted to a hybrid model in 2023 from a community group buying model. The Tiger Global-backed company also faced a 75% decline in its revenue in FY24.

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation

EntrackrEntrackr ยท 16d ago
Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation
Medial

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation Grocery-focused social e-commerce platform CityMall is set to raise Rs 334 crore ($38 million) in a Series D round from existing investors led by Accel with the participation of Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst. This is the first major funding for the Gurugram-based company in 3.5 years since it raised $75 million in the Series C round in March 2022. The board at CityMall passed a resolution to approve the issuance of 7,278 Series D CCPS and an equity share at an issue price of Rs 4,58,716 each to raise the aforementioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. Accel will lead the round with an investment of Rs 173.2 crore ($19.7 million), followed by Waterbridge Ventures at Rs 52 crore ($5.9 million). Citius and Norwest Capital will participate with Rs 48.38 crore ($5.5 million) and Rs 25.96 crore ($2.95 million), respectively. Elevation Capital (Rs 21.65 crore), General Catalyst (Rs 8.67 crore), and angel investor Rohit Agarwal (Rs 4 crore) will also join the round. The proceeds will be used for capital expenditure, marketing, and other general corporate purposes, the filing added. According to Entrackrโ€™s estimates, the companyโ€™s valuation remained flat at Rs 2,780 crore or $316 million. The company might raise more funds in this round and its valuation will vary accordingly. Founded in 2020, Grocery-focused social commerce startup CityMall offers daily essentials including grocery, FMCG, and home and kitchen products, and plans to expand into new categories such as beauty and accessories through its network of community resellers in tier II and III cities. According to the startup data intelligence platform TheKredible, Citymall has so far raised over $110 million across multiple funding rounds. The Accel-backed company has not yet filed its FY25 financials. In FY24, it reported over 23% year-on-year growth in gross revenue (GMV) to Rs 427 crore compared to Rs 346.4 crore in FY23. However, its losses rose 10% during the same period to Rs 159 crore.

CityMallโ€™s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%

EntrackrEntrackr ยท 1y ago
CityMallโ€™s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%
Medial

Social commerce startup CityMall raised $75 million in its Series C round led by Norwest Ventures just before the start of FY23. The fundraise enabled it to hack 140% growth in its gross revenue in the last fiscal year. CityMallโ€™s revenue from operations surged to Rs 352 crore in the fiscal year ending March 2023 from Rs 144 crore in FY22, its annual financial statement filed with the Registrar of Companies shows. CityMall deals in lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The Gurugram-based firm claims to have around 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. See TheKredible for the detailed revenue breakup. When it comes to cost, procurement of goods was the largest burn accounting for 62% of the firmโ€™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. Its 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. Check TheKredible for the complete expense breakdown. Expenses Breakdown Total โ‚น 279 Cr https://thekredible.com/company/citymall/financials View Full Data To access complete data, visithttps://thekredible.com/company/citymall/financials Total โ‚น 526 Cr https://thekredible.com/company/citymall/financials View Full Data To access complete data, visithttps://thekredible.com/company/citymall/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Rent Rent Advertising promotional Advertising promotional Cost transportation Cost transportation Cloud and hosting Cloud and hosting Manpower Manpower Others To check complete Expense Breakdown visit thekredible.com View full data Despite a spurt in expenses, CityMall 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.Its ROCE and EBITDA margin stood at -25% and -35.7% respectively. On a unit level, it spent Rs 1.49 to earn a rupee. FY22-FY23 FY22 FY23 EBITDA Margin -86% -35.7% Expense/โ‚น of Op Revenue โ‚น1.94 โ‚น1.49 ROCE -23% -25% CityMall has raised over $110 million across several rounds and was valued at around $300 million in its last equity funding round. According to the startup data intelligence platform TheKredible, 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.

Australia ditches plans to fine tech giants for misinformation

Economic TimesEconomic Times ยท 9m ago
Australia ditches plans to fine tech giants for misinformation
Medial

Australia has abandoned plans to impose fines on social media companies for failing to combat the spread of misinformation. The country's communications minister, Michelle Rowland, announced that the proposed legislation, which included the power to fine tech companies up to 5% of their annual turnover for breaching online safety obligations, has been dropped due to opposition in the senate. The bill had faced criticism from figures such as Elon Musk, who likened the Australian government to "fascists". As part of its efforts to regulate tech giants, Australia is also set to introduce a nationwide social media ban for children under 16, with potential fines of over $30 million for non-compliance.

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