Geniemode Secures $50 Million for Global Expansion in B2B Cross-Border E-Commerce

Geniemode, a B2B cross-border e-commerce startup, has successfully raised over $50 million in its Series C funding round, primarily led by Multiples Alternate Asset Management. Notable participation came from Fundamentum, Paramark Ventures, and returning investor Info Edge Ventures.

Earlier in April 2022, the company, which is backed by Tiger Global, obtained $28 million during its Series B round, also led by Tiger Global, achieving a valuation of $162 million. Additionally, Geniemode secured $7 million in a Series A funding round led by Info Edge Ventures in the same year.

As stated in a recent press release, the funds will be allocated towards global expansion and improving technology-driven supply chain solutions. Geniemode aims to leverage this funding to explore new markets and territories, thus reinforcing its role as a global sourcing partner for major brands and retailers.

About Geniemode and Its Offerings

Founded by Amit Sharma and Tanuj Gangwani, Geniemode is focused on B2B cross-border e-commerce for buyers in various sectors including furniture, home textiles, apparel, and accessories. The platform aids in the identification and connection of suitable suppliers, ensuring a smooth process that includes sample development, approvals, and shipping.

Global Operations and Reach

The company operates across more than 10 countries, servicing over 200 global buyers and suppliers. With offices in cities such as New York, London, Barcelona, China, Bangladesh, and India, Geniemode has established an extensive international network that facilitates product sourcing from diverse regions.

Financial Performance and Future Projections

According to various reports, Geniemode recorded an operating revenue of Rs 556 crore during FY24, with expenses amounting to Rs 641.23 crore and losses reaching Rs 77.62 crore.

Co-founder and CFO Gangwani indicated that the firm has developed a profitable business model while fostering growth, and it is expected to close FY25 with a GMV of $140 million (approximately Rs 1,200 crore) alongside a positive EBITDA run rate exceeding $2 million (Rs 17 crore).