Companies
Geniemode eyes ₹500 cr fundraise from new and existing investors
Summary
The new capital infusion comes about two years after the startup raised $28 million in its series B funding round in April 2022 at a valuation of $154 million, data from Tracxn showed.
Bengaluru/Mumbai: Tiger Global-backed Geniemode is looking to raise about ₹500 crore from new and existing investors in a mix of primary and secondary transactions, three people familiar with the matter told Mint.
“The round is expected to happen at a higher valuation of $350 million and new investors, including private equity firm Multiples and Nandan Nilekani’s venture capital firm Fundamentum, are also evaluating the asset," one of the people cited earlier said on the condition of anonymity. The person added that the company is speaking to various investors to put together the round.
While the round is largely primary, there will also be a secondary component, a second person said, adding that this is likely to be the company’s largest fundraise so far. In a secondary transaction, shareholders sell their stakes to other existing or new investors, and no new capital is injected into the company.
Geniemode’s co-founder Tanuj Gangwani denied the details and called them ‘incorrect’ and ‘speculative’. Multiples and Fundamentum did not immediately respond to Mint’s requests for a comment.
The new capital infusion comes about two years after the startup raised $28 million in its series B funding round in April 2022 at a valuation of $154 million, data from Tracxn showed. Geniemode is backed by prominent investors including Tiger Global, Info Edge Ventures and other angel investors including Zomato’s founder Deepinder Goyal and fintech startup Cred’s Kunal Shah.
Growth trajectory
Founded in 2021 by Gangwani and Amit Sharma, Geniemode is a sourcing platform for business-to-business buyers in furniture, home textile, apparels, and accessories. It provides a tech-powered supply chain platform for buyers and manufacturers across these categories. Some of its immediate competitors include Global-e, which is listed, and unlisted startups such as Flow and Samarkand Global.
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It has over 100 buyers and 250 suppliers across 16 countries and claims to grow 25% every month, according to its official website. It has manufacturers across India, Bangladesh, Vietnam and Indonesia and handles various aspects of supply chain management including logistics, warehousing and deliveries.
In FY23, the company’s revenues surged to ₹220.4 crore from ₹13.8 crore a year earlier. Its losses widened to ₹81 crore from ₹10.8 crore in FY22, Tracxn data showed.
