Grocery-focused social e-commerce platform CityMall has raised Rs 55 crore (approximately $6.3 million) in debt funding from Trifecta Venture Debt Fund and Alteria Capital Fund, strengthening its financial position for growth and expansion.
As per regulatory filings, CityMall’s board has approved the issuance of 400 Series X non-convertible debentures (NCDs) to Trifecta Venture and 1,500 Series X1 NCDs to Alteria Capital Fund, with face values of Rs 10 lakh and Rs 1 lakh, respectively, to secure the funding.
The company will utilize the capital to expand its operations and enhance its business footprint, focusing on increasing its reach in tier II and III cities.
Additionally, CityMall 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, as outlined in a separate board resolution.
CityMall operates a community-driven e-commerce model, selling groceries, lifestyle products, and essentials through a network of resellers in smaller cities. The company also plans to diversify its offerings by introducing new categories, such as beauty products, leveraging its strong reseller network to drive further growth.
