B2B cross-border sourcing and supply chain technology company Geniemode on Monday said it has raised USD 2.25 million (about Rs 16.4 crore) in funding led by Info Edge Ventures. The seed round also saw participation from angel investors, including Deepinder Goyal (Zomato CEO), Kunal Shah (Cred founder), Prashant Malik, Pankaj Gupta and others, a statement 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, Geniemode co-founder Amit Sharma said. He added that once these issues are resolved, the quality, depth of catalogue and cost differentiation offered by Indian suppliers can further contribute to the growing Indian exports across various differentiated product categories.
“Geniemode’s technology platform is set to play a huge part in achieving transparency, providing real-time visibility, standardising and streamlining the process for both buyers and suppliers, he said. Tanuj Gangwani, the co-founder of Geniemode, said the company plans to unlock a high-quality supplier base from India and south-east Asia that is available to small and large buyers across the globe and become a one-stop sourcing platform for these buyers.
Geniemode’s platform allows catalogue creation and discovery, enables access to the right suppliers, and ensures that the entire process – from getting the samples developed and approved to shipping – is streamlined. The company is already on track to scale to 1,000 suppliers from India and south-east Asia doing over USD 50 million in annualised topline in the next 6-12 months, the statement said.