Geniemode, a business to business cross-border e-commerce startup, has raises raised around $28 million in its Series B round led by Tiger Global. This is the second round for the Gurugram-based company in 2022.
Geniemode had raised $7 million in a Series A funding round led by Info Edge Ventures, the investment arm of Info Edge in January this year.
Geniemode has issued 3669 CCCPS of Series B at an issue price of Rs 573,818 per share amounting to Rs 210.53 crore or close to $28 million. Tiger Global has spearheaded this round with Rs 152 crore or $20 million investment followed by Info Edge Ventures which pumped in Rs 58.52 crore or $8 million.
As per Fintrackr’s estimates, the post-money valuation of the company has now reached Rs 1,228 crore or $162 million.
Apart from the fundraising, Geniemode has also increased its ESOP pool size by adding 319 options and the total ESOP pool of the company is now worth around Rs 104 crore or $14 million.
Founded by Amit Sharma and Tanuj Gangwani, Geniemode allows creation and discovery and enables access to the right suppliers. As per the company, it ensures that the entire process, starting from getting the samples developed and approved to shipping, is streamlined.
The company claims to work with more than a hundred suppliers from India, Bangladesh, Pakistan and Sri Lanka and recently entered the United States and the United Kingdom to cater to incoming demand.
Following the fresh allotment of shares, Sharma and Gangwani hold 34.27% and 14.69% stake respectively.Existing backer Info Edge has 28.37% holding in the company whereas new investor Tiger Global has acquired 12.68% stake. The complete shareholding pattern of the company can be seen below:
Besides institutional backers, Geniemode is also backed by prominent angel investors such as Deepinder Goyal, Kunal Shah, Prashant Malik and Pankaj Gupta.