CityMall’s GMV soars 2.4X to Rs 352 Cr in FY23; losses grow 10%

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.

CityMall’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.

Revenue Breakdown

FY22

Total ₹ 144 Cr

FY23

Total ₹ 352 Cr

To check complete Expense Breakdown visit thekredible.comView full data

When it comes to cost, procurement of goods was the largest burn accounting for 62% of the firm’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

FY22

Total ₹ 279 Cr

FY23

Total ₹ 526 Cr

• Cost of procurement

• Employee benefit

• Rent

• Advertising promotional

• Cost transportation

• Cloud and hosting

• Manpower

• Others

To check complete Expense Breakdown visit thekredible.comView 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/₹ of Op Revenue	₹1.94	₹1.49
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.