Geniemode, a Gurgaon headquartered B2B cross-border tech platform for lifestyle goods that was founded in May 2021, has received $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 four months of the company closing its $7 million Series A led by Info Edge.
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 and 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, the company said in a release.
The B2B tech platform leverages AI and big data to offer insightful, transparent, and hyper-efficient ways for companies to work with the right suppliers.
Within a span of one year, Geniemode has managed to work with more than 150 manufacturers from India and Southeast Asia and has also onboarded several new buyers who have never procured from India from geographies like the United States, United Kingdom, Latin America, Europe, Australia, and work with several marquee international retailers.
At present, the company is on track to hit $200mn+ in annualized GMV run rate by the end of FY23. With this capital, the team is reportedly planning to deepen its penetration in key international markets. It also plans to strengthen its supplier base across India and SEA.
Geniemode has pegged the massive opportunity in just the home and décor segment in the United States at $100 billion as many US brick and mortar stores still rely on the traditional way of sourcing.
Talking about the series B funding, CEO and 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 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. 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.”
Griffin Schroeder, Partner at Tiger Global Management, said: “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.”
“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 and transparent supply chain within everyone’s reach” said co-founder Tanuj Gangwani.
He then went on to speak about their earliest investor Info Edge Ventures doubling down in the round. “The fresh infusion of capital will be earmarked for international expansion, to build high calibre team and further build out the platform,” Gangwani said.
Kitty Agarwal, Partner at Info Edge Ventures, commented: “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 in 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.”