Geniemode, has announced plans to invest its fresh round of funding amounting to $28 million in a Series B led by Tiger Global to foray into lucrative global markets. Further, strengthen its supplier base across India and Southeast Asia (SEA).
Existing investor, Info Edge Ventures, also doubled down in the round. The new round for the The Gurugram-headquartered a B2B cross-border tech platform company for lifestyle goods, has come within just four months of the company closing its $7 million Series A fundraise led by Info Edge.
Geniemode Chalks Out Fresh Global Market Expansion
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.
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.”
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.
