The global B2B cross-border e-commerce company, Geniemode, has raised US$ seven million in Series A funding led by Info Edge Ventures within four months of its US$ 2.25 million seed round.
The company is among the fastest growing B2B e-commerce startups with strong demand for its products from buyers in US, LatAm, UK, EU and Australia. The buyers range from small independent retailers to large retail chains in these countries. To cater to this demand, the company is working with more than a hundred suppliers from India, Bangladesh, Pakistan and Sri Lanka. The new infusion of capital will be utilised to scale the company’s tech platform, expand geographically, increase its design capability and expand buyers and vendors base on the platform.
Talking about the new investment, Amit Sharma, CEO and Co-Founder, Geniemode says, “We are very excited to have Info Edge Ventures double down on their conviction in us in quick succession. We will utilise the fresh capital to bolster tech and product development, accelerate expansion in existing markets and enter new markets.”
Adding on, Tanuj Gangwani, CFO and Co-Founder, Geniemode says, “We are focused on becoming the top platform of choice for all international buyers across home, furniture, fashion and accessories and other design led categories. Our goal is to offer wide range of products, higher flexibility on MOQs, better pricing coupled with tech solution to make the entire process of sourcing smooth and hassle-free. We now have presence in US and UK to strengthen our reach amongst international customers. We believe that the tailwinds are on our side and these fresh funds will help us execute our vision more rapidly. We are on track to hit US$ 100mn in annualised topline in the next twelve months.”
Kitty Agarwal, Partner, Info Edge Ventures commented, “We are excited to strengthen our partnership with the Geniemode team as they emerge as the platform of choice for global buyers in furniture, home, fashion and allied categories. They have been executing par excellence with amazing capital efficiency and built a very high quality leadership team. Cross border e-commerce is a very large market with significant tailwinds and Geniemode is rapidly capturing market share to take design-led manufacturing from the Indian subcontinent to the world.”