An innovative lifestyle goods startup announced a funding of USD 28 million
A lifestyle goods startup has raised funds in a round of funding. What an engrossing piece of news it is!
Let us talk about the lifestyle goods industry and how it is functioning. The Indian lifestyle goods market is expected to see amazing growth because of the increase in household spending, urban development, changing shopping, eating, and drinking habits, and increasing focus on personal grooming. Businesses across every domain are trying to encourage Indian customers and therefore are expanding their investments in the Indian markets.
Some of the brands working in the Indian lifestyle goods industry are Golds Gym Inc, Nike, Britannia, Nestle, Amul Industries Pvt Ltd, Pepsico inc, Zara, Puma, Adidas, Reebok, and many others.
Let us now talk about the funding of a lifestyle goods startup that has taken place recently and has gathered a lot of attention from the media.
Announcement of funding of a lifestyle goods startup
A lifestyle goods startup, Geniemode has raised funds worth USD 28 million, as announced on April 28, 2022. This round of funding that has been conducted and is being discussed was the Series B round of funding and Tiger Global was responsible for carrying on that round of funding. Even the existing investor of the lifestyle goods startup, InfoEdge Ventures has taken part in this round of funding.
The lifestyle goods startup plans to use the funds raised in deepening its entry into the important international markets. The lifestyle goods startup has also planned to strengthen its supplier base across India and Southeast Asia. Before this round of funding, four months back, the startup had a Series A round of funding, where it raised USD 7 million. InfoEdge Ventures led that Series A round of funding.
About the lifestyle goods startup that has announced its funding
The lifestyle goods startup, Geniemode was founded a year ago, in 2021 by Amit Sharma and Tanuj Gangwani and has its headquarters in Gurugram, Haryana. The lifestyle goods startup is a one-stop sourcing and supply chain solution company with an innovative technology-based platform for retailers and suppliers. The emphasis of lifestyle goods startup is on ethical sourcing across categories like home textile, furniture apparel, and accessories for global buyers.
The features provided by the lifestyle goods startup are-
Product Customization– The startup offers the buyers an option to customize existing products in real-time on the platform as per their requirements.
Cost Transparency– The startup believes in full disclosure to the buyer and hence provides open costing for each and every order for complete transparency.
Order Transparency– The startup provides end-to-end transparency in the production process with achievement vs target timelines to ensure efficient and effective delivery of orders.
Streamlining Supply Chain– The startup brings scattered supplies from India and all over the globe on one platform, geneimode.com.
The advantages of using the lifestyle goods startup are-
For buyers, retailers, and brands- Search and come into a link with the suppliers who have been verified.
Explore digital design catalogs.
Complete cost transparency and full visibility of orders introducing “Geneimode Technology”.
For manufacturers and suppliers– Showcase the business, awards, and certifications.
Discover new buyers and instantly reach out to them.
Get noticed by new brands and retailers.
The technology and innovation of the startup are as follows-
Providing a digital platform(portal) to help customers source with complete cost transparency and full visibility of orders introducing “Geniemode Technology”.
The digital portal accessed with a unique login ID and password will let buyers track their orders at every stage, from order confirmation to delivery.
AI-driven buyer-supplier matching, based on quality, rating, certification, pricing, etc.
Open interaction between multiple suppliers and customers.
Thousands of designs to choose from, uploaded every week as per the latest trends and market research of the portals.
Option of customization of designs based on specific needs.
The lifestyle goods startup has offerings in apparel, Furniture and Home Decor, and Home Textile. The startup has more than 1 million quantities delivered across Home furnishing, Furniture, apparel, and Accessories. It has more than 200 Geniemode certified suppliers onboard who are sourcing globally. The lifestyle goods startup is currently supplying to 11 countries.
About Tiger Global
Founded in March 2001 by Chase Coleman III, Tiger Global is an investment firm with its head office in New York, United States. Tiger Global has it focuses on public and private companies in the global Internet, Software, consumer, and financial technology industries. The mission of Tiger Global is to generate world-class investment returns over the long term. It aspires to do so in a way that makes its partners and portfolio companies proud, as it builds a unique, global investment platform.
Tiger Global has more than 100 employees and has more than USD 95 billion worth of Assets Under Management. The portfolio of Tiger Global consists of companies like Alibaba, Facebook, Stripe, Nubank, DST Global, Carta, LinkedIn, Quora, Relativity Space, The Viral Fever, Root Insurance, Softbank Group, Instacart, CleverTap, Coinbase, Byju’s, and many others.
About Info Edge Ventures
Founded by Sanjeev Bikhchandani in 1995, Info Edge is the first internet company in India. Info Edge Ventures is the investment arm of Info Edge which was started in the year 2008. The mission of Info Edge Ventures is to fuel the digital revolution by partnering with upcoming entrepreneurs and being an active participant in the transformation of the consumer experience and delivering superior value through world-class platforms.
The portfolio of Info Edge Ventures consists of companies like Adda 247, Dot, Gramophone, Medcords, Policy Bazaar, Printo, Shipsy, Zomato, Ustraa, and Shop Kirana, and many others.
The lifestyle goods startup is helping the people of the country to have better conditions of living by increasing their standards of living. We wish the startup a stroke of good luck and hope it has a prosperous and beautiful future that is coming ahead!
