Geniemode, a Gurugram-based B2B cross-border sourcing and supply chain technology startup, today said it has raised $2.25 million in a seed funding round led by Info Edge Ventures.
Angel investors including Deepinder Goyal, Kunal Shah, Prashant Malik, Pankaj Gupta, and others participated in the round. Over the next 6-12 months, the startup plans to scale to 1,000 suppliers from India and Southeast Asia, generating over $50 million in annualized topline.
According to a statement, Geniemode also plans to be more effective and convenient across fragmented and tech-strapped supply chains in furniture, home furnishings, hard goods, and fashion.
“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,” said Amit Sharma, Co-Founder of Geniemode.
He further added that the 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.
Geniemode, founded by Amit Sharma and Tanuj Gangwani, is developing an end-to-end e-commerce platform to enable global sourcing, in furniture, home furnishings, hard goods, and fashion more efficiently and conveniently across fragmented and tech-strapped supply chains.
Amit Sharma and Tanuj Gangwani, have spent the last two decades working at e-commerce startups like Limeroad, Fabfurnish, and FashionandYou.
It has achieved tremendous uptake from worldwide buyers throughout the US, UK, Mexico, and India in just five months since introducing the platform. These buyers rely on more than 100 MSME suppliers in India and Bangladesh to deliver high-quality goods.
In addition, Geniemode claims to have 200+ suppliers on board and more than 1 million delivered spanning home furnishings, furniture, clothes, and accessories.
Tanuj Gangwani, Co-Founder of Geniemode, said that they intend to unlock a high-quality supplier base from India and Southeast Asia that would be available to small and major buyers all over the world and that they will become a one-stop sourcing platform for these buyers.
“More than 80% 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,” Gangwani added.
Geniemode’s platform enables catalog creation and discovery, as well as access to suppliers, and guarantees that the entire process is automated, from sample development and approval through shipment.
Furthermore, the platform assures order visibility at each step, adherence to strict worldwide quality standards, and management of the buyer’s end-to-end supply chain, making it a one-stop shop.
Geniemode eliminates all of the issues of the suppliers that include generating demand, quality control, payment management, and logistics. Geniemode handles everything leaving manufacturers to focus on their core competence of producing high-quality products.
Kitty Agarwal, Partner at Info Edge Ventures, added, ”Geniemode is solving this challenge of digitizing Indian exports by connecting quality suppliers with global buyers, managing end-to-end supply chain visibility.”