PC: Indian Retailer
The B2B cross-border e-commerce startup Geniemode successfully attracted funding of over $50 million in its Series C funding round through leadership by Multiples Alternate Asset Management with additional participation from Fundamentum and Paramark Ventures as well as Info Edge Ventures. Series C funding for Geniemode received financial support from Fundamentum and Paramark Ventures as well as from Info Edge Ventures and existing partner Fundamentum. This current funding represents an important achievement for the company because it enables technology-driven supply chain enhancement while enabling market expansion worldwide.
The company Geniemode was established by Amit Sharma and Tanuj Gangwani to provide sourcing services for buyers who need furniture and home textiles and apparel and accessories supplies. Geniemode creates a simplified supplier search tool which optimizes operations from prototype development to delivery stages. Geniemode maintains its presence across 10 different countries and supplies solutions to global buyers and suppliers in excess of 200 entities. Through its strategic offices in New York, London, Barcelona, China and India and Bangladesh the company developed itself into a central sourcing partner for retail and brand operations worldwide.
Fund sources from the initiative will primarily enable expansion into new international markets to establish Geniemode as a top choice in cross-border e-commerce. Geniemode secured $28 million during its April 2022 Series B funding that valued the company at $162 million because of support from Tiger Global. Geniemode obtained $7 million through its Series A funding before this event.
The operating revenue of Geniemode for FY24 amounted to ₹556 crore while expenses reached ₹641.23 crore resulting in a net loss of ₹77.62 crore. According to CFO Gangwani the company continues to operate profits from a sustainable business structure during its growth expansion. Geniemode expects to finish its FY25 financial year with $140 million in Gross Merchandise Value (GMV) or ₹1,200 crore along with positive EBITDA exceeding $2 million which translates to ₹17 crore.
The funding success demonstrates investor commitment to B2B e-commerce enterprises that deploy technological solutions for improving supply chain operations. Geniemode will gain advantages from rising marketplace demand for efficient sourcing solutions because it maintains ongoing expansion and service development.
Geniemode prepares for global market expansion through this recent funding and will seize opportunities in cross-border e-commerce because of its new financial capabilities. The company works toward establishing its position as an industry leader through its strategic initiatives and wide network expansion.
