Geniemode Bags $50 Mn In Funding To Expand Its Operations

Geniemode Bags $50 Mn To Expand Its Apparel Sourcing Operations

SUMMARY

Geniemode has raised $50 Mn in Series C from Multiples, with participation from Fundamentum, Paramark and InfoEdge

The apparel sourcing startup will use the funds for global expansion and further build their tech

Founded in 2021, Geniemode's B2B platform connects small and medium manufacturers with global buyers, enabling direct interaction for product customization and delivery tracking

Apparel sourcing startup Geniemode has secured over $50 Mn (around INR 415 Cr) in a Series C funding round led by Multiples Alternate Asset Management.

The round also saw participation from Fundamentum, Paramark Ventures and existing investor InfoEdge Ventures.

The company plans to use the fresh capital to boost its technology-driven supply chain solutions and expand globally. It also aims to enter newer markets to strengthen its position as a sourcing partner for brands and retailers.

Founded in 2021 by Amit Sharma and Tanuj Gangwani, Geniemode operates an asset-light model for global sourcing. The B2B platform enables exports from small and medium manufacturers, allowing direct interaction between suppliers and customers for product customisation and delivery tracking.

The platform currently claims to work with over 200 suppliers across India, Bangladesh, Pakistan and Sri Lanka, serving customers in the US, Latin America, UK, EU and Australia. It has offices in New York, London, Barcelona, China, Bangladesh and India.

“We are closing FY 2025 at $140Mn + GMV with a positive EBITDA run-rate of over $2 Mn. With this round, we intend to scale to new geographies and take the company public in coming years,” Gangwani said.

In January 2022, the startup raised $7 Mn in its Series A funding round led by InfoEdge Ventures and following that in April, it secured $27.5 Mn in another funding round led by Tiger Global.

Prior to that, in 2021, the company closed a seed funding round of $2.25 Mn led by InfoEdge Ventures, along with participation from Zomato CEO Deepinder Goyal and CRED CEO Kunal Shah.

The funding also comes at a time when India’s apparel exports have seen an 11.9% year-on-year (YoY) jump in August last year, according to imarc report. It also claims that nearly 60% of brands plan to expand apparel sourcing from India in the next two years.

The Indian textile and apparel market is projected to grow from $222.08 Bn in 2024 to $646.96 Bn by 2033, the report added.