Gurgaon headquartered, Geniemode, a B2B cross-border tech platform for lifestyle goods has bagged $28 million in Series B funding led by Tiger Global. Existing investor, Info Edge Ventures also doubled down in the round. The new round has come within four months of the company closing its $7 million Series A led by Info Edge, the company said in a statement.
With this capital, the company is planning to penetrate deeper into key international markets. It also plans to strengthen its supplier base across India and Southeast Asia (SEA).
"United States 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. The funding will also help further strengthen our technology platform with new features and details. We feel privileged to have Tiger Global backing us on our journey and we are grateful to all our investors especially for the faith they have shown in our ability,” said CEO, Co-founder Amit Sharma.
Co-founder Tanuj Gangwani added that "small retailers are drastically underserved by existing sourcing and supply chain infrastructure. We’re excited about what we are building and the efficiency it brings to these retailers. Our platform empowers them with features, insights and supplier network that only big brands could afford, hence building a powerful and transparent supply chain within everyone’s reach".
The founder-duo expects a massive opportunity in the home and décor segment in the US at $100 billion as many US brick and mortar stores still rely on the traditional way of sourcing.
Commenting on the Series B round, Griffin Schroeder, partner at Tiger Global Management said that the “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. We are impressed with Genimode’s strong momentum and are excited to partner with the team as they expand into new markets".
Founded in May 2021, Geniemode works with buyers and manufacturers of furniture, home textiles, apparel and accessories to streamline end-to-end supply chain, from design to delivery.
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