CityMall completes first Esop buyback for $1.3 million

20 Sep 2022 , 11:56 AM

CityMall, a social shopping platform, conducted its first employee stock ownership plan (ESOP) buyback program valued at $1.3 million.

The senior management team and the core team comprised more than 50 individuals who took part in the buyback program.

CityMall raised $75 million in March with the help of backers like Accel, Elevation Capital, and General Catalyst. About 191 employees were let go three months later by the corporation to adapt to the macroeconomic situation.

CityMall is a community commerce platform for small cities, towns, and villages that offers groceries, fast-moving consumer goods (FMCG), as well as some home and kitchen-related products. It was founded in 2019 by Kikla and Naisheel Verdhan.

It operates in 22 cities and towns throughout Haryana, Uttar Pradesh, and the Delhi-NCR region.

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