After Deepinder Goyal and Kunal Shah, Info Edge backs this 10-month-old tech startup

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After Deepinder Goyal and Kunal Shah, Info Edge backs this 10-month-old tech startup
BCCL
  • GenieMode has raised $7 million in a Series A round led by Zomato’s earliest backers Info Edge Ventures.
  • Geniemode is a B2B platform that enables global buyers to source products from suppliers based in India and abroad.
  • Info Edge is also an investor in Bijnis, which focuses on unorganized markets and allows retailers to purchase directly from the source.
Business-to-Business (B2B) ecommerce platform GenieMode has raised $7 million in a Series A round led by Zomato’s earliest backers Info Edge Ventures.

This development comes only four months after the ten-month-old company raised $2.25 million in seed round, which witnessed participation from Zomato’s founder Deepinder Goyal, CRED’s Kunal Shah, Apache Cassandra’s Prashant Malik and EthAum Venture’s Pankaj Gupta.

“We are very excited to have Info Edge Ventures double down on their conviction in us in quick succession. We’ll utilise the fresh capital to bolster tech and product development, accelerate expansion in existing markets & enter new markets,” Amit Sharma, chief executive (CEO) and cofounder of GenieMode, added.

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Founded in March 2021 by Amit Prakash Sharma and Tanuj Gangwani, Geniemode is a B2B cross-border tech platform that enables global buyers to source products from suppliers based in India and other Southeast Asian countries. The company competes with GlobalFair, which is also backed by Cred’s Kunal Shah, RazorPay’s Harshil Mathur and others.

Geniemode claims to have on boarded 100 small and medium enterprises as well as large suppliers form Indian subcontinent, who are currently getting connected to buyers from the US, UK, Europe and Australia.

The company’s chief financial officer (CFO), Gangwani, added that the company is on track to hit $100 million in annualised topline in the next 12 months by offering a wide range of products, higher flexibility on minimum order quantity (MOQs) and better pricing.

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The company currently allows international buyers to choose from a selection of products in the home, furnishing, fashion and accessories, and other design-led categories.

Info Edge is also an investor in another B2B ecommerce startup called Bijnis, which focuses on unorganized markets and allows retailers to purchase directly from the source.

Info Edge — the $10 billion company which runs Naukri.com, Jeevansaathi.com, 99acres.com and Shiksha.com — has backed startups like PolicyBazaar, travel booking app ixigo, shipping and logistics company Shiprocket and Skylark, which is helping Swiggy with its drone operations.

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The company invested in nearly 2 startups every month in 2021 till September.

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