Geniemode raises $2.25M led by Info Edge Ventures

• BySheetal Sidhu     |    September 6, 2021

Global B2B cross-border sourcing and supply chain technology company, Geniemode, has recently closed its seed round of $2.25 million led by Info Edge Ventures. Angel investors including Deepinder Goyal, Kunal Shah, Prashant Malik, Pankaj Gupta and others also participated in the round. Amit Sharma and Tanuj Gangwani, the co-founders of Geniemode, have spent the last two decades at ecommerce companies including Limeroad, Fabfurnish, and FashionandYou. During their stints, they witnessed several inefficiencies when it came to sourcing — right from finding the right suppliers to getting quality products delivered in time to buyers. With Geniemode, they are building an end-to-end ecommerce platform to make global sourcing more efficient and convenient across fragmented and tech-strapped supply chains in furniture, home furnishing, hard goods, and fashion.

Amit Sharma, Co-founder of Geniemode, who has been part of the Indian sourcing industry for almost two decades said, “The hesitation of large and small global buyers to source from India is mainly due to lack of access to reliable suppliers, poor transparency with respect to process and timelines, lack of standardisation of quality and unavailability of financing to the supplier.”
Tanuj Gangwani, Co-founder of Geniemode, believes that Indian suppliers have the potential to be price competitive on a global scale with superior quality. He said, “We plan to unlock a high quality supplier base from India and SEA that is available to small and large buyers across the globe and become a one-stop sourcing platform for these buyers. More than 80 percent of the furniture, hard goods, home soft furnishing and fashion manufacturing is done by MSMEs across clusters in India. We are taking this market global and helping these suppliers scale.”

Follow Startup Story