SUMMARY
The round also saw participation from GenieMode’s existing investor Info Edge
The investment comes four months after it raised $7 Mn in Series A round
Tiger Global is also an investor in B2B marketplaces — Moglix, OfBusiness, and Infra.Market
Four months after raising a Series A round, B2B ecommerce startup GenieMode has managed to get a cheque from New York-based hedge fund Tiger Global. The Gurugram-based ecommerce startup is raising $27.5 Mn in a fresh round of funding led by Tiger Global. The round, which seems to be a Series B funding round, will also see participation from its existing investors Info Edge.
In an extraordinary general meeting held in the third week of April, board members of GenieMode have approved to allot 3,669 Series B CCPS to Tiger Global and Info Edge for $27.5 Mn ( INR 210.5 Cr). In this round, the Moglix-backer Tiger Global has infused close to $20 Mn in GenieMode.
In January, GenieMode bagged $7 Mn in its Series A round from Info Edge Ventures. Four months before the Series A round, it had raised $2.25 Mn in its seed round. This means within the last one year, the startup has managed to raise $36.7 Mn. Zomato’s Deepinder Goyal is also an angel investor in the startup.
Founded by Amit Prakash Sharma and Tanuj Gangwani, GenieMode offers a digital platform, 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.
The GenieMode claims its buyers range from independent retailers, to large retail chains in these countries. The startup is working with more than a hundred suppliers from India, Bangladesh, Pakistan and Sri Lanka.
Over the years, Tiger Global has invested in some of the country’s largest ecommerce startups. In the B2B marketplace category, it has invested in OfBusiness, Moglix, and Infra.Market. In the social commerce space, the startup has invested in Meesho, and Dealshare, among others. All the above mentioned startups are valued above $1 Bn.
