Geniemode, a B2B cross-border tech platform for lifestyle goods, on Thursday said it has raised $28 million in Series B round led by Tiger Global. Existing investor Info Edge Ventures also doubled down in the round.
The fresh capital will be utilised to strengthen technology platform, add new features and expand into international markets. It will also broaden supplier base in India The new round has comes within 4 months of the Gurugram-based start-up closing its $7 million Series A led by Info Edge.
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 global presence with new offices across USA, UK and EU as we expand our sales & operations team. 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.”
Founded in May 2021, Geniemode works with buyers and manufacturers of furniture, home textiles, apparel and accessories to streamline and take control of end-to-end supply chain, from design to delivery. By leveraging AI and big data, the platform offers an insightful, and 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, Australia and work with several marquee international retailers. The company is on track to hit $200 million in annualised GMV run-rate by the end of FY23.
Published on
April 28, 2022
