Marketplace

B2B Market Leader Geniemode to Hit US$300 Million GMV by 2023-24

Amit Sharma (right) and Tanuj Gangwani, co-founders of Geniemode, hope to achieve a GMV of US$300 million for the year 2023-24

Dedicated to the textile and clothing industry, various B2B marketplaces have marked their strong presence in the market and one of them is Geniemode. A one-stop procurement and supply chain solutions company with an innovative technology platform for retailers and suppliers, Geniemode is backed by investors such as Tiger Global and Info Edge Ventures who have endowed it capital needed to build a solid technology platform. The company, which provides a sourcing solution to global shoppers ranging from Mom & Pop stores to global giant retailers, is experiencing double-digit MoM growth and currently has 300 suppliers and 200 shoppers. It adds 20-30 buyers every month.

In an exclusive chat with Clothing Resources (RA), Amit Sharma and Tanuj Gangwani, Co-founders of Geniemode says that the company has already reached US$80 million in annualized gross merchandise value (GMV) and is expected to reach US$300 million for the year 2023-24. With faster turnaround times (TATs) and lower minimums, its suppliers and retailers have seen an average profitability of 15-20%.

The duo strongly believe that B2B marketplaces are here to stay as traditional sourcing is too outdated and broken for today’s fast-paced world. No one has time to send hundreds of emails or make multiple calls to follow up on an order. Nowadays, clients want transparency, a fast TAT and a digitized procedure.

And Geniemode’s growth underscores that the company’s journey to date has been tremendous. “We started by finding sourcing solutions through technology and then offered buyers complete order fulfillment, transparency, quality and price transparency. We have also extended our services to design, logistics and payments. The ultimate goal is to provide a full bouquet of services to buyers and suppliers under one roof,” said Amit.

The company helps retailers and brands by offering the lowest MOQs in the industry and enables fast turnaround times by facilitating everything from design to delivery in one place.

And it does this with its technology-based platform, ensuring end-to-end cost transparency, quality assurance, design library and complete order management including compliance, tracking, inspection , communication, information, storage library and logistics.

Geniemode Office

Embedded business model

The company begins the onboarding process by presenting its custom designs for each buyer based on their handwriting. “That’s our specialty – we have a targeted approach for each buyer. This is then followed by the identification of good factories, cost closure, TnA plan closure, quality, logistics and payments,” Amit said.

He added that for buyers, Geniemode acts as a partner to ensure that everything is taken care of, from design to delivery, and that they get full transparency in much the same.

For suppliers, it helps them with capacity utilization, working capital, payment security and constant demand as well as process development and quality improvement through the use of technology.

“On the supply side, we want to take more than 50% or more of the capacity of the factories we work with and now we are adding new factories only if they are able to provide more value than the existing factories cannot. not bring or when we are out of capacity in the case of our existing factories,” said Tanuj.

Address current pain points

With the market downturn, costs have become one of the main issues, while finding the right products, factories and quality have already been major challenges for decades. Geniemode intends to solve this problem through the use of technology. “Our factory process improvement programs have shown cost improvements of over 15% in many cases, resulting in better costs, while our TnA and design modules help buyers solve their other problems,” Tanuj said.

All data from Geniemode is hosted on the secure Amazon cloud with best data security practices.

In the Indian textile and apparel industry, many companies have good financial resources, vertically integrated production and enough customers, so they find no reason to work with B2B markets, but Amit is I believe that B2B marketplaces allow manufacturers to easily upload and manage their entire product catalog while keeping track of all orders and the overall demand for their products in a single online platform.

“With B2B marketplaces, sellers have a single platform to collect orders, which drastically reduces order processing costs. It also makes it easier to get feedback on products and delivery processes in one go. one place, which makes it possible to respond quickly to all the suggestions of their buyers”, underlined Amit.

Geniemode focuses on apparel, home textiles and durable goods

Growth trajectory

In addition to apparel, the company focuses on home lifestyle products. She recently participated in the New York Home Fashions Market Week and the Copenhagen International Fashion Fair.

Talking more about the future growth of the business, Tanuj said that the average transaction on Geniemode is $100,000. “We currently have an annualized gross merchandise value (GMV) of $80 million and we expect to reach $300 million for the year 2023-24,” he concluded.