by Capital will help company expand its B2B sourcing platform for products including furniture from India and surrounding countries
GURUGRAM, India – Geniemode, a B2B sourcing platform that plans to offer home furnishings sourced from India and surrounding countries, has received an additional $7 million in a round of financing led by Info Edge Ventures.
First reported by The Economic Times, this funding is in addition to the $2.25 million in seed monies it received several months ago, the publication said. It noted that the company plans to use the funds to “scale the company’s tech platform to onboard more buyers and sellers, along with geographical expansion.”
Company President Amit Sharma said in an earlier announcement that company’s platform offers “hassle-free” global sourcing in furniture, home textiles, home décor, apparel and accessories. At present, it is working with more than 100 large and small suppliers in India and surrounding countries, including Bangladesh, Pakistan and Sri Lanka, the Times said.
The company previously announced it has hired industry veteran Bill Cubberley as director, North American furniture operations. In this position, he is building a sales force and introducing the company to retailers and other potential customers in the U.S. market.
Cubberley recently told Home News Now that he has hired a dozen sales reps so far and is looking to add another two to cover the Pacific Northwest and the Denver/Salt Lake region.
“Geniemode is well on its way in the states,” he said. “We have hired the majority of the sales force. We are making inroads.”
The company initially greeted prospective customers in a small space in Market Square this past fall. However, it is looking to lease about 6,000 square feet of space in High Point this spring that will showcase its product line.
The line of nearly 40 SKUs will initially include occasional and accent furniture along with dining room furniture, such as dining tables and buffets. Bedroom and upholstery are categories that could be added in the future.
About 12 containers of the initial wood product is now being shipped to the U.S., where it will be available from a warehouse in Archdale, just outside of High Point. The company is looking to add a West Coast warehouse sometime in the fall, Cubberley said.
He noted that Geniemode’s sourcing model in and around India could provide buyers a more affordable and quicker alternative to receiving product from Asia as pandemic related shutdowns this past summer continue to have a dampening impact on the ability of some other Asian manufacturers’ ability to ship goods in a timely manner to the U.S.
