Series A Round Grants Geniemode $7M in Funding

Cross-border B2B eCommerce company Geniemode has raised $7 million in a Series A funding round led by Info Edge Ventures, The Hans India reported Tuesday (Jan. 4).

According to Geniemode, these funds will help the company scale its tech platform, boost its design capabilities, expand geographically and add new buyers and vendors to its platform.

Geniemode says its platform lets global buyers source reliably from suppliers through India and Southeast Asia, having onboarded more than 100 small- to medium-sized businesses (SMBs) and large suppliers from the Indian subcontinent.

Founded by two veterans of eCommerce firms like Limeroad and Fabfurnish, the company says it has also been adopted by global buyers throughout the U.S., U.K., Australia and Europe.

“We are focused on becoming the top platform of choice for all international buyers across home, furniture, fashion and accessories and other design-led categories,” said Geniemode co-founder and CFO Tanuj Gangwani.

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“We now have a presence in [the] U.S. and U.K. to strengthen our reach amongst international customers,” Gangwani continued. “We believe that the tailwinds are on our side and these fresh funds will help us execute our vision more rapidly. We are on track to hit $100 million in annualized topline in the next twelve months.”

Kitty Agarwal, partner of Info Edge Ventures, added: “Cross border eCommerce is a very large market with significant tailwinds and Geniemode is rapidly capturing market share to take design-led manufacturing from the Indian subcontinent to the world.”

This latest funding round comes in the wake of another $2.25 million seed round just four months ago.

It also follows a longer trend of investment in business-to-business (B2B) eCommerce firms in India. Around this time last year, PYMNTS’ own monitoring of FinTech fund flows in India showed that 94% of that money went to the B2B sector.