Geniemode, a global B2B cross-border sourcing and supply chain technology firm, recently closed a $2.25 million seed investment headed by Info Edge Ventures.
The co-founders of Geniemode, Amit Sharma and Tanuj Gangwani, have spent the last two decades working at ecommerce startups such as Limeroad, Fabfurnish, and FashionandYou. They saw various inefficiencies in sourcing throughout their time there, from locating the correct suppliers to having quality products delivered to buyers on time.
Amit Sharma, Co-founder of 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.”
Tanuj Gangwani, Co-founder of 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 percent 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 at Info Edge Ventures Said “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 the 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.”