Sunday, September 25, 2022
HomeInsightFunding Alert Geniemode raises $28 mn in Series B round

[Funding alert] Geniemode raises $28 mn in Series B round

Geniemode
Geniemode

Geniemode, a B2B cross-border tech platform for lifestyle goods, has raised $28 million in its Series B funding round from Tiger Global and existing investor Info Edge Ventures.

The startup plans to use the funds to penetrate deeper into key international markets and also plans to strengthen its supplier base in India and South East Asia (SEA).

Gurgaon-based Geniemode was founded in May 2021 by Amit Sharma and Tanuj Gangwani, It works with buyers and manufacturers of furniture, home textiles, apparel, and accessories to streamline and control end-to-end supply chains, from design to delivery.

It created a technology platform for buyers with end-to-end transparency of cost based on MOQ (minimum order quantity), quality assurance, design library, and complete order management including compliance, tracking, inspection, communication, information storage library and logistics.

By leveraging AI and big data, the startup claims to provide a practical, transparent and ultra-efficient way for companies to work with the right suppliers.

“We are excited about this round of funding as we will be able to realise the next phase of our vision and multiply what’s working for Geniemode. We intend to increase global presence with new offices across the US, the UK and 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”, said, Amit Sharma, Co-founder and CEO of Geniemode.

“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”, said, Tanuj Gangwani, Co-founder of Geniemode.

Since its inception, the platform is now working with over 150 manufacturers from India and SEA.

The startup has been able to attract many new buyers who have never shopped from India from geographies including US, UK, Latin America, Europe and Australia and has worked with several international retailers.

“Geniemode 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. We are impressed with Genimode’s strong momentum and are excited to partner with the team as they expand into new markets”, said, Griffin Schroeder, Partner at Tiger Global Management.

“We have been partners with the Geniemode team since inception and led their seed and Series A rounds in rapid succession due to very high conviction in the team and their excellent execution. They have emerged as market leaders in cross-border eCommerce for global buyers in lifestyle goods. We are thrilled to welcome Tiger Global as a partner in this journey”, said, Kitty Agarwal, Partner at Info Edge Ventures.

About Geniemode

Geniemode is building an extensive online platform solution for global buyers ranging from Mom & Pop stores to global giant retailers. They call this a Next-generation tech-based sourcing and supply chain company that caters to Global needs through vast Indian supply.

Their vision is to enable a seamless buying experience for local/ global buyers thereby increasing the share of “Made in India” worldwide by harnessing the power of digital technology for aggregation of local/global suppliers and managing all aspects of supply chain management.

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