funding 2021-09-07

Geniemode Raises $2.25 Mn Seed Round Led By Info Edge Ventures

The company allows catalog creation and discovery, enable access to the right suppliers, and ensures that the entire process, starting from getting the samples developed and approved to shipping, is streamlined

By Content Writer
Geniemode Raises $2.25 Mn Seed Round Led By Info Edge Ventures

The global B2B cross-border sourcing and supply chain technology company, Geniemode, on Monday announced to have 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.

“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 standardization of quality, and unavailability of financing to the supplier. Once these issues are resolved, the quality, depth of catalog, and cost differentiation offered by Indian suppliers can further contribute to the growing Indian exports across various differentiated product categories. Geniemode’s technology platform is set to play a huge part in achieving transparency, providing real-time visibility, standardizing and streamlining the process for both buyers and suppliers,” said Amit Sharma, co-founder, Geniemode.

With Geniemode, Amit Sharma and Tanuj Gangwani, co-founders of the platform, are building an end-to-end e-commerce platform to make global sourcing more efficient and convenient across fragmented & tech-strapped supply chains in furniture, home furnishing, hard goods & fashion. Within just 5 months of launching the tech platform, Geniemode has seen adoption from global buyers across the US, the UK, Mexico, and India. These buyers are reliably sourcing high-quality products from more than 100 micro, small, and medium enterprises (MSME) suppliers in India and Bangladesh, the company shared. 

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 per cent of the furniture, hard goods, home soft furnishing and fashion manufacturing is done by MSMEs across clusters in India. We are taking this market globally and helping these suppliers scale,” noted Tanuj Gangwani, co-founder, Geniemode, while saying that the Indian suppliers have the potential to be price competitive on a global scale with superior quality.

We are seeing rapid digitization of Indian SMEs across sectors but the cross-border commerce sector has seen limited tech adoption due to trust and reliability issues from global buyers. Geniemode is solving this challenge of digitizing Indian exports by connecting quality suppliers with global buyers, managing end-to-end supply chain visibility, and standardizing SLAs to ensure the quality of goods with timely delivery. The platform has rapidly scaled with a very high NPS and we are very excited to partner with such a passionate and experienced team,” added Kitty Agarwal, partner, Info Edge Ventures.

Given the team’s deep expertise and strong execution by the founders, the company is already on track to scale to 1,000 suppliers from India and South East Asia doing over $50 million in annualized topline in the next 6 to 12 months, the platform shared. 

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Organic Products
    Lumiere is one of the pioneers in organic agriculture, retail..
    Locations looking for expansion Haryana
    Establishment year 2012
    Franchising Launch Date 2021
    Investment size Rs. 20lac - 30lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Imagine yourself having a tried and tested winning formula in..
    Locations looking for expansion Maharashtra
    Establishment year 2002
    Franchising Launch Date 2008
    Investment size Rs. 50000 - 2lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Robotics & Technical Training
     About Us:  ROBOTICS AND STEM learning.  TinyBots is an initiative of a scienc..
    Locations looking for expansion Maharashtra
    Establishment year 2012
    Franchising Launch Date 2019
    Investment size Rs. 50000 - 2lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Pune Maharashtra
  • Tea And Coffee Chain
    Beontea is a revolubon, Tradibonal tea, automated process and consistent tase...
    Locations looking for expansion Uttar Pardesh
    Establishment year 2019
    Franchising Launch Date 2020
    Investment size Rs. 2lac - 5lac
    Space required 050
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Uttar Pardesh
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads