B2B cross-border sourcing and supply chain technology company Geniemode on Monday announced it has raised $2.25 million. The round, led by Info Edge Ventures, also saw participation from angel investors such as Deepinder Goyal, Kunal Shah , Prashant Malik, Pankaj Gupta and others.
Launched by Amit Sharma and Tanuj Gangwani, Geniemode is building an end-to-end e-commerce platform to make global sourcing more efficient and convenient across fragmented and tech-strapped supply chains in furniture, home furnishing, 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 standardisation of quality and unavailability of financing to the supplier,” said Amit Sharma, co-founder.
He further added that the technology platform is set to play a huge part in achieving transparency, providing real-time visibility, standardising and streamlining the process for both buyers and suppliers.
Tanuj Gangwani, co-founder has also said that they 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 percent of the furniture, hard goods, home soft furnishing and fashion manufacturing is done by MSMEs across clusters in India. We are taking this market global and helping these suppliers scale.”
More than 80 per cent of the furniture, hard goods, home soft furnishing and fashion manufacturing is done by MSMEs across clusters in India,” said Gangwani. “We are taking this market globally and helping these suppliers scale.”
The startup has seen impressive growth across the globe in just five months of launch with buyers present in 11 countries, as per the company’s website. The company also claims to have 200+ suppliers onboard and 1 million+ quantity delivered across home furnishing and furniture, apparels and accessories.
Kitty Agarwal, Partner at Info Edge Ventures, added, “We are seeing rapid digitisation 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 digitising Indian exports by connecting quality suppliers with global buyers, managing end-to-end supply chain visibility.”