The social e-commerce company City mall has been in news for the recent funds that has been induced in it of close to $ 11 million. Let’s take a dive into details.
WHAT IS SOCIAL E COMMERCE?
Social e-commerce is basically using the prominent networking sites to bring the products & services in the eyes of customers. The success rate is based up on the level to which consumers interact and share the respective product in form of likes, shares and retweets.
The major benefits that it provides are greater & large growth in audience base helping you to engage authentic loyalty and develop a positive return on investment.
CITY MALL INSIGHTS
It is founded on 2019 by Angad Kikla and Divij Goyal in the form of an e-commerce platform offering products of various segments through referrals. It offers lifestyle, grocery and curated products in general.The prominent mode that they use is Whatsapp. It is headquartered in Bengaluru.
The networking is quite strong as they have 20000 resellers that are currently serving 2 lakh customers.
The major investors holding a stake are:
- Water Bridge Ventures
- SAIF Partners
- Lets Ventures
- Venture Catalysts
FUNDING DETAILS
The fund raised by the company this time is $ 11 million and that too in the Series A round led successfully by Accel Partners. It is after the funding of $ 3 million by the Elevation Capital.
The amount will be most probably utilized to make the supply chain more efficient & hassle free. The objective is to reach more than 2 lakh customers by 2022 and that too in new cities.
DIFFERENT STANDS ON FUNDING
The founder Angad Kikla stated that seeing the pace at which internet users in our country is growing; it’s quite beneficial to accelerate our policies by focusing more on the trust and feasibility issues at large. The aim is to keep in target the cities that come under the status of tier 2, 3 or 4.
Elevation Capital after a major investment stressed on the fact that grocery is the major area where the change is expected when the company will come up with its community model at large.
Accel on the other hand deeply mentioned & believed that a country that has access to 100 million internet users can create history in the e-commerce field as it gets the potential to serve the upcoming 500 million Indian consumers.
FUTURE OF E-COMMERCE IN INDIA
The studies have been constantly highlighting that the electronic commerce market in India will surely overtake US in the coming 10 years making it a feasible place to grow & excel. The technological advancements like logistics, digital payments have made this target more achievable. A lot of government initiatives have also been taken in this direction as it benefits consumers on the receiving end.
As a consumer ; the need to get the required thing at required place at affordable prices is the most key form of satisfaction. In majority of our cities; there has been a problem of integration of proper chain of delivery of products.
CITY MALL CAN TAKE A GOOD STEP TO TAP THE CITIES THROUGH THIS FUNDING.
