Geniemode, a business-to-business (B2B) cross-border sourcing and supply chain technology company, has secured $7 million (around Rs 52.5 crore) in a Series A funding round led by Info Edge Ventures.
“We will be deploying the fundraise to boost tech and product development, accelerate expansion in existing markets and enter new markets,” Amit Sharma, CEO and co-founder, Geniemode, said.
In September, 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.
Geniemode enables catalogue creation and discovery, as well as access to suppliers and automate the entire process, from sample development and approval through shipment. Besides, the etailer assures order visibility, adherence to quality standards, and management of the buyer's end-to-end supply chain.
Amit Prakash Sharma and Tanuj Gangwani founded Geniemode Global Pvt Ltd in March 2021, with an aim of organising the global sourcing and supply chain sector.
Sharma and Gangwani have spent the last two decades at e-commerce companies like Limeroad, Fabfurnish and FashionandYou.
The company said it is receiving a demand for its products from the US, Latin America, the UK, the European Union and Australia. In these countries, demand spans from small independent retailers to major retail chains.
The company is also engaging with suppliers from India, Bangladesh, Pakistan, and Sri Lanka to meet this need, according to the statement.
“We are focused on becoming the top platform of choice for all international buyers across home, furniture, fashion & accessories and other design-led categories. Our goal is to offer a wide range of products, higher flexibility on MOQs, better pricing coupled with a tech solution to make the entire process of sourcing smooth and hassle-free,” Tanuj Gangwani, CFO and co-founder, Geniemode said.
He added, the company is on track to hit $100 million in annualized topline in the next twelve months.
Info Edge Ventures is a venture capital firm established by Info Edge and Temasek that invests in early-stage companies. With significant cash set aside for follow-ons, the firm invests as the first or second institutional cheque in Seed to Series A technology-focused firms across consumer, enterprise, healthcare, and fintech.
Info Edge Ventures has previously invested more than $300 million in over 25 early-stage companies, including Zomato and Policybazaar.