Geniemode, Gurgaon-headquartered e-commerce start-up, has announced that it has scooped up $28 million in Series B funding led by Tiger Global, with existing investor, Info Edge Ventures also present at the round.
Founded in May 2021 by Amit Sharma and Tanuj Gangwani, Geniemode has created a tech platform for buyers with end-to-end transparency of cost by leveraging AI and big data. This has enabled it to offer an insightful, transparent, and hyper-efficient way for companies to work with the right suppliers.
Griffin Schroeder, Partner at Tiger Global Management, said, “Geniemode platform is poised to transform the global sourcing and supply chain for lifestyle goods by streamlining and providing cost transparency at every step in the design, manufacturing and delivery process. We are impressed with Genimode’s strong momentum and are excited to partner with the team as they expand into new markets”.
With the new capital, the company plans for future sustenance and to expand Geniemode’s data driven platform to provide better visibility to their supply chains in a way that hasn’t been possible before. The start-up will also “further strengthen our technology platform with new features and details”, according to CEO and Co-founder Amit Sharma.”
Co-founder Tanuj Gangwani said, “Small retailers are drastically underserved by existing sourcing and supply chain infrastructure. We’re excited about what we are building and the efficiency it brings to these retailers. Our platform empowers them with features, insights and supplier networks that only big brands could afford, hence building a powerful & transparent supply chain within everyone’s reach.”
He also added that the opportunity to partner with a world-class investor like Tiger Global is quite exciting. They have rich experience with tech companies that are scaling fast and expanding internationally, and having them on- board is a valuable addition to Geniemode.