Amit Sharma and Tanuj Gangwani: Revolutionizing Global Sourcing for Lifestyle Goods

Recognizing the Gaps in Global Sourcing

Amit Sharma and Tanuj Gangwani, both seasoned professionals in the e-commerce sector, shared a vision of revolutionizing the global sourcing landscape. Their journey began with a keen observation of the fashion and home segments, where they noticed glaring inefficiencies and challenges that hindered the industry’s growth. These challenges included the arduous task of identifying reliable suppliers, navigating the complexities of supply chains, dealing with a multitude of intermediaries, and struggling with a lack of transparency in transactions.

However, what set Amit and Tanuj apart was their unwavering belief in India’s untapped potential to build a world-class supply chain within the fashion and home sector. Their conviction was grounded in the understanding that despite these challenges, the country had the resources, expertise, and entrepreneurial spirit to transform the way global sourcing worked.

Birth of Geniemode:

In May 2021, Amit Sharma and Tanuj Gangwani took the bold step of bringing their vision to life by founding Geniemode. This B2B (business-to-business) cross-border tech start-up had a clear mission: to inject transparency and meritocracy into a sourcing ecosystem that had long been plagued by inefficiencies. Geniemode’s primary objective was to empower buyers, irrespective of their size or scale, with the tools and capabilities needed to establish efficient and effective sourcing operations.

A Comprehensive Solution:

Geniemode quickly positioned itself as a comprehensive solution provider for all things related to sourcing and supply chains. Catering to a diverse range of businesses, including those dealing in home decor, textiles, furniture, apparel, and accessories, Geniemode introduced an innovative and technology-driven platform. The platform was meticulously designed to simplify the intricate processes that had long been a headache for buyers and suppliers alike.

Geniemode’s offering extended far beyond the conventional B2B model. They offered end-to-end solutions that covered everything from the initial evaluation of suppliers to quality assurance and final qualification. The company’s commitment to providing complete solutions, from design to delivery, set them apart in a competitive market.

Transforming Global Sourcing:

At the heart of Geniemode’s philosophy was a commitment to democratizing technology. The founders understood that small and medium-sized brick-and-mortar stores often lacked the resources and access to the technological advancements that their larger counterparts enjoyed. To bridge this gap, Geniemode aimed to empower these smaller businesses by providing access to features, insights, and supplier networks that were typically reserved for big brands.

One of the standout features of Geniemode’s platform was its unwavering focus on transparency and efficiency. By embedding real-time communication features into their system, they ensured that buyers and vendors could interact seamlessly. This approach significantly reduced information asymmetry, saved time, and enhanced overall efficiency in the sourcing process.

Expanding Horizons:

Geniemode’s success story extended well beyond the borders of India. The company quickly expanded its footprint to serve clients in various countries, including Bangladesh, Barcelona, the UK, and New York. Their unique selling point was their dedication to making advanced technology and transparent supply chains accessible to businesses of all sizes.

Monetization and Funding:

The Geniemode journey attracted significant attention and investment. The company successfully raised $37.5 million in funding from prominent investors such as Tiger Global and Info Edge India. Their impressive growth was reflected in their month-on-month Gross Merchandise Value (GMV), which consistently grew by over 20 percent in the past 14 months.

Geniemode’s angel investors, including notable figures like Deepinder Goyal of Zomato and Kunal Shah of CRED, further strengthened their financial foundation. Their commitment to financial sustainability was evident, with a focus on maintaining a profitable contribution margin. These profits would be strategically reinvested to scale the business further.

The Road Ahead:

Geniemode’s vision perfectly aligned with the global trajectory of the home decor market, which was projected to reach a staggering $838.6 billion by 2027. The company had already made significant inroads with clients like Next Plc, Peacocks, Inditex, Liverpool, Ashley Furniture, and Mango, spanning across 16 countries. Geniemode had successfully onboarded over 70 buyers and 200 suppliers, marking a significant milestone in their journey.

Looking forward, Geniemode had a clear roadmap for expansion. They were actively working on increasing their warehouse presence to better serve their clients. Their revenue goal was ambitious but achievable: to attain an order value of $200 million by 2023.

Amit Sharma and Tanuj Gangwani’s journey, from identifying inefficiencies to becoming disruptors in global sourcing, exemplifies the transformative power of innovation and technology in traditional industries. By addressing these inefficiencies and making advanced supply chain solutions accessible, Geniemode is poised to leave a lasting impact on the world of fashion and home goods sourcing. Their commitment to transparency, efficiency, and democratizing technology is ushering in a new era for businesses of all sizes in the sourcing ecosystem.