Geniemode, a B2B Sourcing and Supply Chain technology startup, has announced that it closed 2022 with an exit annualised Gross Merchandise Value of $120 million.
The company said in a statement that it has experienced steady growth over the past year, expanding its operations to New York by opening two new brick-and-mortar offices in the city in the last quarter. Additionally, Geniemode has strengthened its presence in India by opening a new office in Tiruppur, Tamil Nadu, which now handles over 20 percent of the company's new business.
According to Geniemode, over the last 20 months, it acquired over 200 new buyers from around the world and brought on board over 300 new suppliers from India and Bangladesh. The company currently employs over 250 people in India, the United States, the United Kingdom, Bangladesh, and Europe and has successfully delivered over six million finished pieces to its customers.
Amit Sharma, Co-Founder of Geniemode, said that 2022 was a great year for the company, both in terms of growth and learning. By the end of this year, he hopes to triple the run rate to roughly $350 million.
"India is going to give stiff competition to other countries in the near future in apparel design, craftsmanship and textile manufacturing in B2B sourcing. Using this to our benefit, we aim to provide more value to our buyers as we move forward with our customisation and timely delivery. We are working towards becoming a profitable company by the end of this financial year," he added.
Since its launch in 2021, Geniemode has seen a month-on-month growth of over 15 percent and is anticipating similar growth in 2023. The company is positioning itself to become a leader in the B2B sourcing and supply chain industry and is looking to expand its operations even further in the coming year.
