Geniemode, a B2B cross-border tech platform for lifestyle goods, secures $28 million in a Series B funding round led by Tiger Global.
Existing investor, Info Edge Ventures also doubled down in the round. The new round has come within just four months of the company closing its $7million Series A fundraise led by Info Edge.
The company will utilize the funds to aggravate its penetration in key international markets. It also plans to strengthen its supplier base across India and Southeast Asia (SEA).
Founded in 2021 by Amit Sharma and Tanuj Gagwani, Geniemode works with buyers and manufacturers of furniture, home textiles, apparel, and accessories to streamline and take control of the end-to-end supply chain, from design to delivery.
It has created a tech platform for buyers with end-to-end transparency of cost, based on MOQs (minimum order quantity), quality assurance, design library, and complete order management including compliance, tracking, inspection, communication, and information storage library, and logistics.
The Gurugram-based startup works with more than 150 manufacturers in India and Southeast Asia.
Amit Sharma, Co-founder & CEO of Geniemode, said,
“We are excited about this round of funding as we will be able to realize the next phase of our vision and multiply what’s working for Geniemode. We intend to increase our global presence with new offices across the US, the UK, and the EU as we expand our sales and operations team. The United States will be one of our key territories in the coming year and we will completely streamline our on-shore operations to solve the supply chain issues faced by all kinds of retailers and suppliers. The funding will also help further strengthen our technology platform with new features and details.”
According to Amit Sharma, the funding will also help further strengthen the B2B startup’s technology platform with new features and details.
Tanuj Gangwani, Co-Founder of Geniemode, said,
“Small retailers are drastically underserved by existing sourcing and supply chain infrastructure. We’re excited about what we are building and the efficiency it brings to these retailers. Our platform empowers them with features, insights, and supplier networks that only big brands could afford, hence building a powerful and transparent supply chain within everyone’s reach.”
The company said in a statement that the company is on track to hit $200 million in annualized GMV (gross merchandise value) run-rate by the end of FY23.
Griffin Schroeder, Partner at Tiger Global Management, said,
“Geniemode’s platform is poised to transform the global sourcing and supply chain for lifestyle goods by streamlining and providing cost transparency at every step in the design, manufacturing, and delivery process.”
The firm has onboard many new buyers who have never procured from India from geographies including the US, the UK, Latin America, Europe, and Australia, and work with several marquee international retailers.