Gurgaon headquartered, Geniemode, a B2B cross-border tech platform for lifestyle goods, has raised $28 million in Series B funding led by Tiger Global. Existing investor, Info Edge Ventures, also doubled down in the round.
The new round has come within just 4 months of the company closing its $7 million Series A led by Info Edge.
With this capital, the team is planning to deepen its penetration in key international markets. It also plans to strengthen its supplier base across India and SEA.
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, 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 platform offers an insightful, transparent, and hyper-efficient way for companies to work with the right suppliers.
Within less than a year of inception, Geniemode is working with 150+ manufacturers from India & SEA. They have been able to onboard many new buyers who have never procured from India from geographies like the US, UK, LatAm, Europe, and Australia and work with several marquee international retailers.
Talking about the series B funding, CEO & Co-founder Amit Sharma 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 USA, UK, and EU as we expand our sales & 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. We feel privileged to have Tiger Global backing us on our journey and we are grateful to all our investors, especially for the faith they have shown in our ability.”
“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 network that only big brands could afford, hence building a powerful & transparent supply chain within everyone’s reach” Tanuj Gangwani Co-founder of Geniemode said.
“We are excited to partner with a world-class investor like Tiger Global. They have rich experience with tech companies that are scaling fast and expanding internationally, and having them on- the board is a valuable addition to Geniemode. Further, we are also proud to have our earliest investor, Info Edge Ventures, doubling down in the round. The fresh infusion of capital will be earmarked for international expansion, to build a high caliber team and further build out the platform,” he added.
Commenting on the funding round, Griffin Schroeder, Partner at Tiger Global Management, commented, “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”.
“We have been partners with the Geniemode team since inception and led their Seed and Series A in rapid succession due to very high conviction in the team and their excellent execution. They have emerged as market leaders in cross-border e-commerce for global buyers of lifestyle goods. We are thrilled to welcome Tiger Global as a partner in this journey. Cross border e-commerce is a very large, fragmented market with significant tailwinds and there is huge opportunity and pride in taking design-led manufacturing from the Indian subcontinent to the world,” Kitty Agarwal, Partner at Info Edge Ventures further added.