Fashion Sourcing Startup 'Geniemode' gets $50 million in Series C
In its Series C round, which was headed by Multiples Alternate Asset Management and included participation from Fundamentum, Paramark Ventures, and current investor Info Edge Ventures, Geniemode, a business-to-business cross-border e-commerce startup, has raised more than $50 million.
At a $162 million valuation, the Tiger Global-backed firm secured $28 million in its Series B round in April 2022, which was headed by Tiger Global. Later that year, it also raised $7 million in a Series A funding round headed by Info Edge Ventures.
Geniemode stated in a press statement that the money raised would be utilized to expand internationally and improve its technology-driven supply chain solutions. The money will also be used to expand into new countries and regions, solidifying its standing as a major global sourcing partner for retailers and big brands.
Geniemode, a B2B cross-border e-commerce firm for purchasers of furniture, home textiles, clothing, and accessories, was founded by Amit Sharma and Tanuj Gangwani. It makes it easier to find the best suppliers and streamlines the entire process, from developing and approving samples to delivering.
The company has more than 200 international buyers and suppliers and works in more than ten countries. With offices in China, Bangladesh, India, New York, London, and Barcelona, Geniemode has established a global network that makes it possible for businesses to obtain goods from various geographical areas.
In FY24, Geniemode recorded operational income of Rs 556 crore, expenses of Rs 641.23 crore, and losses of Rs 77.62 crore, according to TheKredible.
In a statement, Amit Sharma, Co-Founder and CEO, Geniemode says, "This investment accelerates our mission to build the most efficient, transparent, and scalable sourcing ecosystem, empowering brands with AI-powered design capabilities, speed, flexibility, and responsible sourcing solutions. We are committed to being the go-to global sourcing partner, driving innovation, and sustainability, and unlocking new growth opportunities for our partners worldwide."
"Global macro trends are reshaping the apparel sourcing landscape, driving a rebalancing of supply chains. Our investment in Geniemode is part of our active strategy to back leading new-age businesses that are disrupting large markets using technology," Sridhar Sankararaman, MD of Multiples Alternate Asset Management, said.
At a $162 million valuation, the Tiger Global-backed firm secured $28 million in its Series B round in April 2022, which was headed by Tiger Global. Later that year, it also raised $7 million in a Series A funding round headed by Info Edge Ventures.
Geniemode stated in a press statement that the money raised would be utilized to expand internationally and improve its technology-driven supply chain solutions. The money will also be used to expand into new countries and regions, solidifying its standing as a major global sourcing partner for retailers and big brands.
Geniemode, a B2B cross-border e-commerce firm for purchasers of furniture, home textiles, clothing, and accessories, was founded by Amit Sharma and Tanuj Gangwani. It makes it easier to find the best suppliers and streamlines the entire process, from developing and approving samples to delivering.
The company has more than 200 international buyers and suppliers and works in more than ten countries. With offices in China, Bangladesh, India, New York, London, and Barcelona, Geniemode has established a global network that makes it possible for businesses to obtain goods from various geographical areas.
In FY24, Geniemode recorded operational income of Rs 556 crore, expenses of Rs 641.23 crore, and losses of Rs 77.62 crore, according to TheKredible.
In a statement, Amit Sharma, Co-Founder and CEO, Geniemode says, "This investment accelerates our mission to build the most efficient, transparent, and scalable sourcing ecosystem, empowering brands with AI-powered design capabilities, speed, flexibility, and responsible sourcing solutions. We are committed to being the go-to global sourcing partner, driving innovation, and sustainability, and unlocking new growth opportunities for our partners worldwide."
"Global macro trends are reshaping the apparel sourcing landscape, driving a rebalancing of supply chains. Our investment in Geniemode is part of our active strategy to back leading new-age businesses that are disrupting large markets using technology," Sridhar Sankararaman, MD of Multiples Alternate Asset Management, said.
