Entrackr-Startup Funding News (2)

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Entrackr

• Tech Startup News

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E-Commerce startup CityMall set to raise 3 Mn
from SAIF

• Social commerce startup CityMall is in advanced
  talks with SAIF Partners to shut a fresh
  financing round of up to 3 million, said three
  people conscious of the conversation. According
  to tech startup news, this can be the primary
  institutional round for the firm which was
  launched one-and-a-half years ago.
• This development comes at a time when early-stage
  deals fell by 50 within the first six months of
  2020, as pertech startup news.
• The conversation has been on for the past number
  of months and a term sheet has been signed. The
  contours of the deal also are finalized and if
  nothing goes wrong from here, the round are
  announced soon, said one in all the sources on
  condition of anonymity. As one of the Upcoming
  startups in India, CityMall is additionally in
  early talks with a pair of funds and it should
  find raising more cash.

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Reseller Base Targeting Women

• CityMall sells lifestyle and household products
  through peer-to-peer referrals on WhatsApp. As
  one of the major upcoming startups in India, the
  corporate has been creating a reseller base
  targeting women in tier-II, III and IV cities. in
  line with past media reports, the corporate had a
  target to achieve 20,000 orders by 2020.
• If the deal gets through, this may be the third
  investment by SAIF Partners within the social
  commerce space. According to Tech Startup News,
  Previously, SAIF invested in Meesho, which is
  taken into account to be the market leader within
  the social commerce space and WMall which was
  launched by a former VC from SAIF.
• According to regulatory filings of upcoming
  startups in India, CityMall had raised seed
  funding from six institutions and 14 individual
  investors. Madison Capital, Smile Capital, Sprout
  Investments, Sin Growth Partners, Stellaris VC,
  Angellist India and SRP Avenues LLP participated
  in its seed round.

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Startup News in India
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Upcoming Startup News

• If the deal gets through, this may be the third
  investment by SAIF Partners within the social
  commerce space. According to Tech Startup News,
  Previously, SAIF invested in Meesho, which is
  taken into account to be the market leader within
  the social commerce space and WMall which was
  launched by a former VC from SAIF.
• According to regulatory filings of upcoming
  startups in India, CityMall had raised seed
  funding from six institutions and 14 individual
  investors. Madison Capital, Smile Capital, Sprout
  Investments, Sin Growth Partners, Stellaris VC,
  Angellist India and SRP Avenues LLP participated
  in its seed round.
• Blue-chip angels like Jitendra Gupta, Kunal Bahl,
  Rohit Bansal, Hitesh Chawala, Pritesh Gupta and
  Rajesh Sawhney including several others also
  invested within the Gurugram-based company.
• CityMall was founded by IIT alumni Angad Kikla,
  Divij Goyal and Naisheel Verdhan. this can be
  Kiklas third venture after B2B marketplace Hawkr
  and BeatRoot Innovations. Goyal had a past stint
  at Ziploan while Verdhan is additionally a serial
  entrepreneur.

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Startup Funding News

• As per Tech startup news, CityMall has also
  approved the adoption of ESOP Scheme 2020 which
  constitutes 1,381 options and these ESOPs would
  account for 9.75 stake within the company.
• Social commerce has been one among the segments
  that attracted significant interest from venture
  capitalists in 2019. Last year, near half a dozen
  early-stage startups had scooped up investments
  from the likes of Sequoia, SAIF Partners, Accel,
  Shunwei Capital and Lightspeed.
• Sequoia invested in BulBul and also participated
  with LightSpeed and Matrix in EkAneks 10
  million Series A round. SAIF led WMalls last
  round while Accel and Shunwei invested in
  Delhi-based SimSim. Entrackr had exclusively
  reported the funding of these companies here,
  here, here and here.
• With the impact of Covid-19 on every kind of
  business, experts anticipate consolidations
  across sectors including the social commerce
  space which is likely to see mergers and
  acquisition activities by early next year.
  According to Tech Startup News, social commerce
  startups are likely to consolidate in two or
  maximum three fronts in the long haul.
• Stay updated with more updates on upcoming
  startups in India. Visit Entrackr.

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