Geniemode raises $2.25 mn in seed funding round led by Info Edge Ventures

Coss-border sourcing and supply chain technology company Geniemode, has raised its seed round of $2.25 million led by Info Edge Ventures, an early stage VC backed by Info Edge and Temasek. Reputed angel investors including Deepinder Goyal, Kunal Shah, Prashant Malik, Pankaj Gupta and others also participated in the round.

Geniemode’s platform allows catalogue creation and discovery, enables access to the suppliers and ensures that the entire process, starting from getting the samples developed & approved to shipping, is streamlined. Further, the platform ensures order visibility at each step, adherence to strict global quality checks and managing end-to-end supply chain for the buyer thus becoming a one-stop shop for them.  

Amit Sharma and Tanuj Gangwani, the co-founders of Geniemode, have spent the last two decades at e-commerce companies like Limeroad, Fabfurnish and FashionandYou. During their stints, they witnessed several inefficiencies in how sourcing works right from finding the right suppliers to getting quality products delivered in time to buyers. With Geniemode, they 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.  

Amit Sharma, co-founder of Geniemode, said, “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.” 

Kitty Agarwal, Partner at Info Edge Ventures, added, “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 quality of goods with timely delivery.”

The company, in a statement said, it is on track to scale to 1,000 suppliers from India and South East Asia doing over $50mn in annualized topline in the next 6 to 12months.