Gurgaon-based Geniemode, a cross-border B2B technology platform for lifestyle products, has bagged $28 million in Series B funding led by Tiger Global. Existing investor Info Edge Ventures also doubled in on the round. The new round came within four months of the company closing its $7 million Info Edge-led Series A round, the company said in a statement.
With this capital, the company plans to penetrate deeper into major international markets. It also plans to strengthen its supplier base in India and South East Asia (SEA).
“The United States will be one of our key territories in the coming year and we will completely streamline our onshore operations to address supply chain issues faced by all types of retailers and suppliers. The funding will also help further strengthen our technology platform with We feel privileged to have Tiger Global supporting us on our journey and we are grateful to all of our investors, especially for the confidence they have shown in our ability said CEO and co-founder Amit Sharma.
Co-founder Tanuj Gangwani added that “smaller retailers are significantly underserved by existing sourcing and supply chain infrastructure. We are excited about what we are building and the efficiencies it brings to these retailers. Our platform gives them features, insights, and a network of suppliers that only big brands could afford, building a powerful and transparent supply chain within everyone’s reach.”
The founding duo expect a massive opportunity in the $100 billion US home and decor segment as many brick-and-mortar stores in the US still rely on the method traditional supply.
Commenting on the Series B round, Tiger Global Management Partner Griffin Schroeder said, “The Geniemode platform is poised to transform global sourcing and the lifestyle product supply chain by streamlining and ensuring cost transparency at every stage of design, manufacturing and delivery. process. We are impressed with Genimode’s strong momentum and are excited to partner with the team as it expands into new markets.”
Founded in May 2021, Geniemode works with buyers and manufacturers of furniture, home textiles, apparel and accessories to streamline the end-to-end supply chain, from design to delivery.