Gurugram-headquartered, a B2B cross-border tech platform for lifestyle goods, has raised $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 $7 million Series A fundraise led by Info Edge.
With this capital, the company is planning to penetrate deeper in key international markets. It also plans to strengthen its supplier base across India and Southeast Asia (SEA).
CEO and Co-founder Amit Sharma said,
“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.”
Founded in May 2021, 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, information storage library, and logistics.
By leveraging AI (artificial intelligence) and big data, the platform claims to offer an insightful, transparent, and hyper-efficient way for companies to work with the right suppliers.
“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,” added Co-founder Tanuj Gangwani.
Within less than a year of inception, Geniemode is now working with 150+ manufacturers from India and SEA. The firm has been able to onboard many new buyers who have never procured from India from geographies including the US, the UK, Latin Amercia, Europe, and Australia, and work with several marquee international retailers.
The company is on track to hit over $200 million in annualised GMV (Gross Merchandise Value) run-rate by the end of FY23.
According to Griffin Schroeder, Partner at Tiger Global Management, 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,” Griffin said.
“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,” commented Kitty Agarwal, Partner at Info Edge Ventures.