Geniemode Raises $28 Million In Series B Funding, Led By Tiger Global And Info Edge Ventures The fund will be used to penetrate into international markets and strengthen the company's supplier base
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Geniemode, a B2B cross-border tech platform, has raised $28 million in Series B funding led by Tiger Global and Info Edge Ventures. The fund raised will be utilised to penetrate into international markets and strengthen its supplier base across India and various locations.
"We are excited about the funding as we will be able to realize the next phase of our vision and multiply what is working for Geniemode. 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 faces by retailers and suppliers," said Amit Sharma, co-founder and CEO, Geniemode.
Within less than a year of inception, Geniemode is working with more than 150 manufacturers. They have also been able to onboard many new buyers from geographies such as US, UK, Europe, Australia and aims to achieve $200 million annual growth rate by the end of FY23, claimed the company in a statement.
"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," said Griffin Schroeder, partner at Tiger Global Management.
Founded in 2021, Geniemode works with buyers and manufacturers of furniture, home textiles, apparel and accessories. It has created a tech platform for buyers with end-to-end transparency cost, quality assurance and complete order management. By leveraging AI and big data, the platform offers an insightful and hyper-efficient way for companies to work with the right suppliers.