Geniemode, global B2B cross-border sourcing and supply chain technology company, has recently closed its seed round of $2.25 million led by Info Edge Ventures. Angel investors including Deepinder Goyal, Kunal Shah, Prashant Malik, Pankaj Gupta and others also participated in the round.
Amit Sharma and Tanuj Gangwani, co-founders \, have spent the last two decades at e-commerce companies like Limeroad, Fabfurnish and FashionandYou. During their stints, they witnessed several inefficiencies in how sourcing works right from finding the right suppliers to getting quality products delivered in time to buyers.
With Geniemode they are building an end-to-end e-commerce platform to make global sourcing more efficient and convenient across fragmented & tech-strapped supply chains in furniture, home furnishing, hard goods & fashion, the startup said in a press release.
Amit Sharma, co-founder, Geniemode, 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 standardization of quality and unavailability of financing to the supplier. 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.”
Tanuj Gangwani, co-founder of Geniemode, believes that Indian suppliers have the potential to be price competitive on a global scale with superior quality. He said, “We plan to unlock a high quality supplier base from India and SEA that is available to small and large buyers across the globe and become a one-stop sourcing platform for these buyers. More than 80% of the furniture, hard goods, home soft furnishing and fashion manufacturing is done by MSMEs across clusters in India. We are taking this market global and helping these suppliers scale.”
Kitty Agarwal, Partner at Info Edge Ventures, added, “We are seeing rapid digitization of Indian SMEs across sectors but the cross-border commerce sector has seen limited tech adoption due to trust and reliability issues from global buyers. Geniemode is solving this challenge of digitizing Indian exports by connecting quality suppliers with global buyers, managing end-to-end supply chain visibility and standardizing SLAs to ensure quality of goods with timely delivery.”
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)