B2B Sourcing Platform Geniemode Closes 2022 with $120 Million Annualized GMV
Geniemode, an emerging B2B Sourcing and Supply Chain tech startup today announced closing 2022 with an exit annualized Gross Merchandise Value of $120 million. Showcasing a steady yet accelerated growth over the last one year, Geniemode expanded its operations to New York, by opening two new brick and mortar offices in the city in last quarter. The company also strengthened its India presence with a new office in Tiruppur, Tamil Nadu, which now executes over 20% of the company’s new business.
Geniemode acquired over 200 new buyers from across the globe in last 20 months and brought on board 300 + new suppliers from India and Bangladesh during that period. Currently employing over 250 employees in India, USA, UK, Bangladesh and Europe, the brand has successfully delivered over 6 million finished pieces to its vast customer base.
Talking about their progress, Amit Sharma, Co-Founder Geniemode, said, “2022 has been a great year for us, both in terms of growth and learning. We are now gearing up to achieve the set targets for 2023. By the end of this year, we expect to triple our run-rate to roughly $350 million. India is going to give stiff competition to other countries in the near future in apparel design, craftsmanship and textile manufacturing in B2B sourcing. Using this to our benefit, we aim to provide more value to our buyers as we move forward with our customization and timely delivery. We are working towards becoming a profitable company by the end of this financial year.”
Since its inception in 2021, Geniemode has seen a month-on-month growth of over 15% and is anticipating continuing a similar growth trend in 2023.
ABOUT GENIEMODE-
Changing the face of B2B sourcing and offering best-in-class supply chain solutions, Geneimode is an emerging tech startup powering global sourcing of design-led products for retailers and brands. Founded in 2021 by Amit Prakash Sharma and Tanuj Gangwani, the Gurgaon-based startup facilitates ethical and sustainable sourcing. The enterprise has expertise in designing, merchandising, and managing logistics.
In September 2021, Geniemode closed its seed round of $2.25 million led by Info Edge Ventures. Angel investors, including Deepinder Goyal, Kunal Shah, Prashant Malik, and others, also participated in the round. In December 2021, they received Series A funding and raised $7 million (about Rs 52 crore), led by Info Edge Ventures again. In April 2022, they bagged another $28 million in Series B funding led by Tiger Global with participation from existing investor Info Edge Ventures. Currently, the company is clocking $120+ million in annualized GMV with over 15% mom growth since inception.
