The global B2B cross-border sourcing and supply chain technology company, Geniemode, has recently closed its seed round of US$ 2.25 million led by Info Edge Ventures. Reputed angel investors including Deepinder Goyal, Kunal Shah, Prashant Malik, Pankaj Gupta and others also participated in the round.
Amit Sharma and Tanuj Gangwani, the co-founders of Geniemode, have spent the last two decades at e-commerce companies like Limeroad, Fabfurnish and FashionandYou. During their stints, they witnessed several inefficiencies in how sourcing works right from finding the right suppliers to getting quality products delivered in time to buyers. With Geniemode, they are 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. Within just five months of launching the tech platform, Geniemode has seen impressive adoption from global buyers across US, UK, Mexico and India. These buyers are reliably sourcing high quality products from more than 100 MSME suppliers in India and Bangladesh.
Amit Sharma, Co-Founder, Geniemode, who has been part of the Indian sourcing industry for almost two decades said, “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.” He added, “Once these issues are resolved, the quality, depth of catalogue and cost differentiation offered by Indian suppliers can further contribute to the growing Indian exports across various differentiated product categories. Geniemode’s 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, Geniemode, believes that Indian suppliers have the potential to be price competitive on a global scale with superior quality. He said, “We 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 per cent 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.”
Kitty Agarwal, Partner, 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 and standardising SLAs to ensure quality of goods with timely delivery. The platform has rapidly scaled with a very high NPS and we are very excited to partner with such a passionate and experienced team.”