Geniemode Secures $50 Million in Series C Funding Round

Geniemode, a business-to-business cross-border e-commerce startup, has successfully raised $50 million in its Series C funding round, spearheaded by Multiples Equity. The round saw contributions from Fundamentum, Paramark Ventures, and existing investor Info Edge Ventures.

Startup Superb analysed the regulatory documents to provide detailed insights into the funding structure, capitalisation table, and current valuation of the company.

The Geniemode board authorised a special resolution to issue 5,601 Series C compulsory convertible preference shares at an issue price of Rs 6,60,430 for each share, accumulating Rs 370 crore. Moreover, the firm issued 667 partially paid equity shares valued at Rs 44 crore to its co-founders, bringing the total amount raised to Rs 414 crore, as indicated by regulatory filings obtained from RoC.

Multiples Equity took the lead in this funding round, investing Rs 223 crore (approximately $26.2 million). It was followed by contributions from Fundamentum and Paramark Ventures of Rs 88 crore ($10.3 million) and Rs 36.7 crore ($4.3 million), respectively. Existing investor Info Edge also participated, committing Rs 22 crore ($2.6 million).

Startup Superb estimates that the post-money valuation of Geniemode has now reached Rs 1,800 crore or $212 million. This is a significant increase from the previous valuation of $160 million, which was established when the company raised $28 million in a Series B round led by Tiger Global in April 2022.

As per data intelligence platforms, following the allotment of shares, co-founder Amit Sharma will possess a 27.35% stake. Info Edge emerges as the largest external shareholder with a 23.2% stake, while new investor Multiples Equity holds a 12.39% stake in the firm.

For a complete view of the shareholding pattern, see various sources.

Founded by Amit Sharma and Tanuj Gangwani, Geniemode is a B2B cross-border e-commerce company that focuses on furniture, home textiles, apparel, and accessories. It plays a crucial role in connecting buyers with suitable suppliers, thereby simplifying processes from sample approval to shipping.

Active in more than 10 countries, Geniemode caters to over 200 global buyers and suppliers and maintains offices in New York, London, Barcelona, China, Bangladesh, and India, facilitating international product sourcing for brands.

In the fiscal year ending FY24, this Gurugram-based company reported a significant increase in operating revenue, soaring over 2.6X to Rs 556 crore, whilst also managing to reduce losses to Rs 77.62 crore.