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.
