B2B ecommerce startup Geniemode has raised $7 Mn in a Series A funding round led by Info Edge Ventures. Just four months ago, it had raised $2.25 Mn in a seed round.
According to the startup, there is a demand for its products in regions including the United States, Latin America, the United Kingdom, the European Union and Australia. It works with suppliers from India, Bangladesh, Pakistan, and Srilanka.
Founded by Amit Prakash Sharma and Tanuj Gangwani, the startup offers a digital portal, just like Amazon and Flipkart, that provides B2B goods manufactured by small and medium-sized enterprises to enterprise buyers who want to source products from different manufacturers in different countries.
Customers can use the platform to interact with suppliers to get their products customised and manufactured. The startup will use the freshly raised funds to scale its tech platform, expand geographically and increase its design capability while onboarding more buyers and vendors.
“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. Our goal is to offer a wide range of products, higher flexibility on MOQs, better pricing coupled with tech solutions to make the entire process of sourcing smooth and hassle-free,” said Tanuj Gangwani, CFO and cofounder, Geniemode.
The global B2B ecommerce market was valued at $6.64 Tn in 2020 and is projected to grow at a CAGR of 18.7% from 2021 to 2028. The shift in consumer preference towards ecommerce offerings accelerated by the pandemic is likely to create new avenues for that growth.
“They have been executing par excellence with amazing capital efficiency and have built a very high-quality leadership team. Cross border e-commerce 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,” said Kitty Agarwal, partner at Info Edge Ventures.
Last month, B2B marketplace OfBusiness had raised $325 Mn in a Series G funding round led by Alpha Wave Ventures II, Tiger Global Management, and Softbank Vision Fund 2 at a valuation of nearly $5 Bn.