Tiger Global-backed Geniemode, a B2B sourcing platform, has secured over $50 million in a Series C funding round which was led by Multiples Alternate Asset Management.
The round, which had a secondary component as well, saw participation from Nandan Nilekani's venture capital firm Fundamentum, Paramark Ventures, and existing investor Info Edge Ventures. This funding comes nearly 2-1/2 years after Geniemode raised $28 million in a Series B round led by Tiger Global, which valued the company at $175 million, showed data from Traxcn.
The fresh capital will help Geniemode expand globally, improve supply chain, and enter new markets, the company said on February 24.
"This investment accelerates our mission to build the most efficient, transparent, and scalable sourcing ecosystem, empowering brands with AI-powered design capabilities, speed, flexibility, and responsible sourcing solutions," Amit Sharma, co-founder & CEO of Geniemode said.
Founded by Amit Sharma and Tanuj Gangwani, Gurugram-headquartered Geniemode provides retailers with an AI-powered, asset-light sourcing platform. They work with buyers and manufacturers across industries like furniture, home textiles, apparel and accessories to streamline their end-to-end supply chain, from design to delivery.
The company operates in multiple geographies, including the US, UK, Europe, China, Bangladesh, and India, offering a streamlined sourcing process. Per the firm's website, it has a network of over 250 suppliers and more than 100 buyers across 16 countries.
The founders said the firm is set to close FY25 with a gross merchandise value (GMV) of over $140 million and a positive EBITDA run rate of more than $2 million. “With this round, we intend to scale to new geographies and take the company public in the coming years,” said Tanuj Gangwani, Co-founder & CFO.
Multiples' Managing Director Sridhar Sankararaman highlighted Geniemode’s role in reshaping apparel sourcing through technology. "Global macro trends are reshaping the apparel sourcing landscape, driving a rebalancing of supply chains. Our investment in Geniemode is part of our active strategy to back leading new-age businesses that are disrupting large markets using technology," Sankararaman said.
Fundamentum’s Co-founder and General Partner Ashish Kumar emphasised Geniemode’s impact in digitising the fragmented apparel industry while Info Edge Ventures’ Partner Kitty Agarwal called Geniemode a ‘clear market leader’ in the B2B cross-border fashion space. The fresh funding round is expected to support the company’s inorganic growth strategy.
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