Gurugram-headquartered Geniemode raises $28M in Series B via Tiger Global, Info Edge Ventures
- ByStartupStory | April 29, 2022
A B2B cross-border tech platform for lifestyle goods, Gurugram-headquartered Geniemode, has raised $28 million in a Series B funding round led by Tiger Global.
The round was double downed by the existing investor, Info Edge Ventures. Within just four months of the company closing its Series A fundraise of about $7 million led by Info Edge, the new round came in.
The company is planning to penetrate deeper in key international markets, with this capital. It also plans In order to strengthen its supplier base across India and Southeast Asia (SEA), has also been planned by it.
Geniemode, founded in May 2021, works with buyers and manufacturers of furniture, home textiles, apparel and accessories in order to streamline and take control of the end-to-end supply chain, from design to delivery. With end-to-end transparency of cost, based on MOQs (minimum order quantity), quality assurance, design library, and complete order management including compliance, information storage library, tracking, inspection, communication, and logistics, it has created a tech platform for buyers.
The platform claims to offer an insightful, transparent, and hyper-efficient way for companies in order to work with the right suppliers, by leveraging AI (artificial intelligence) and big data.
Geniemode is now working with 150+ manufacturers from India and SEA, within less than a year of inception. From geographies including the US, the UK, Latin America, Europe, and Australia, the firm has been able to onboard many new buyers who have never procured from India and work with several marquee international retailers.
By the end of FY23, the company is on track to hit over $200 million in annualised GMV (Gross Merchandise Value) run-rate.
According to Griffin Schroeder, Partner at Tiger Global Management, by streamlining and providing cost transparency at every step in the design, manufacturing and delivery process, Geniemode platform is poised to transform the global sourcing and supply chain for lifestyle goods. Griffin said that they are impressed with Genimode’s strong momentum and are excited to partner with the team as they expanded into new markets.
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