Multiples, others invest USD 50 mn in Geniemode

Mumbai, Feb 24 (PTI) Design-led apparel sourcing platform Geniemode on Monday said it has raised USD 50 million in a funding round led by Multiples Alternate Asset Management.

Fundamentum, Paramark Ventures, and existing investor Info Edge Ventures also participated in the round, as per a statement.

The investment will help the company's global expansion efforts and enhance supply chain solutions, it said, adding that it will also be deployed to enter new markets and territories.

The company helps global brands and retailers in sourcing, reduces costs, and accelerates the speed to market. It has offices in New York, London, Barcelona, China, Bangladesh, and India.

"This investment accelerates our mission to build the most efficient, transparent, and scalable sourcing ecosystem, empowering brands with AI-powered design capabilities, speed, flexibility, and responsible sourcing solutions," its co-founder and chief executive Amit Sharma said.

Tanuj Gangwani, another co-founder and chief financial officer, said the company is profitable and will be closing FY25 with a gross merchandise value of USD 140 million.

"Our investment in Geniemode is part of our active strategy to back leading new-age businesses that are disrupting large markets using technology," Multiples' managing director Sridhar Sankararaman said. PTI AA BAL BAL