Geniemode Global Pvt Ltd, which runs business-to-business (B2B) tech platform Geniemode, has secured Series B funding of $28 million (around Rs 214 crore) led by Tiger Global.
Existing investor Info Edge Ventures doubled down in this round, the statement said.
The Gurugram-based startup plans to use the fresh capital to deepen its penetration in key global markets. It also eyes to boost its India and Southeast Asia supplier base.
"We intend to increase global presence with new offices across US, UK and EU as we expand our sales and operations team. The US 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," said Amit Prakash Sharma, CEO and Co-Founder of Geniemode.
Founded in May 2021 by Sharma and Tanuj Gangwani, Geniemode is a B2B cross-border tech platform enabling global buyers to source reliably from suppliers across India and Southeast Asia.
It works with buyers and manufacturers of furniture, home textiles, apparel and accessories to streamline and take control of the end-to-end supply chain, from design to delivery.
It 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.
In January, it raised $7 million (around Rs 52.5 crore) in a Series A funding round led by Info Edge Ventures.
Geniemode raised $2.25 million led by Info Edge Ventures with the participation from Deepinder Goyal of Zomato, CRED founder Kunal Shah and Apache Cassandra’s Prashant Malik, among others in September 2021.
“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," said Griffin Schroeder, Partner at Tiger Global Management.
Geniemode is working with more than 150 manufacturers from India and Southeast Asia. The startup claims to hit over $200 million in annualised gross merchandise value (GMV) run-rate by the end of FY23.
