Supply Chain solution platform Geniemode announced on Monday that it has raised $2.25 Million in a seed funding round led by Info Edge Ventures. Info Edge Ventures, as is well known, is the investment arm of Info Edge, the parent company of the popular job portal Naukri.com. It was the early backer of IPO bond and unicorn startups like Zomato and Policy Bazaar.
Slew of high profile angel investors also participated in the round. This included the likes of Deepinder Goyal, Kunal Shah, Prashant Malik, Pankaj Gupta and many others.
Geniemode is founded by Amit Sharma and Tanuj Gangwani, who have spent last two decades working for various e-commerce companies like Lime Road, Fabfurnish and FashionandYou. During their stint, both became acutely aware about the supply chain problem that stifled the efficiency and productivity of the e-commerce company.
With Geniemode, both co-founders are seeking to build an end-to-end e-commerce platform to make global sourcing more efficient and convenient across fragmented & tech-strapped supply chains in furniture, home furnishing, hard goods & fashion.
The platform essentially allows companies to access features like catalogue creation and discovery, giving them unfettered access to the right suppliers and ensures that the entire process, starting from getting the samples developed & approved to shipping, is streamlined. Furthermore, the platform ensures order visibility at each step, adherence to strict global quality checks and managing end-to-end supply chain for the buyer thus becoming a one-stop shop for them.
Commenting on the funding, Kitty Agarwal, Partner at Info Edge Ventures, said, “We are seeing rapid digitization 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 digitizing Indian exports by connecting quality suppliers with global buyers, managing end-to-end supply chain visibility and standardizing 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.”
Tanuj Gangwani, co-founder of Geniemode, 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% 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.”