Startup Deep Dive : Geniemode – how a factory-free sourcing platform reached Rs 673 crore in FY25

Geniemode booked ₹673 crore (about $70 million) in operating revenue in FY25, roughly 2.6 times what it turned over just two years earlier, and it did the whole of it without owning a factory or holding much of its own stock, according to figures the company filed with the Registrar of Companies and that Entrackr compiled from those filings. That is the promise and the puzzle of this business in one line: a four-year-old sourcing platform moving hundreds of crores of furniture, cushions and clothing across borders on other people’s assets.

The puzzle is that the growth has not yet paid for itself. In the same FY25, Geniemode still recorded a net loss of about ₹51 crore, its investors have put in roughly $85 million across three rounds, and a Series C in early 2025 valued the company at an estimated ₹1,800 crore even as its co-founder was telling reporters the business had reached a positive EBITDA run rate. This is the record of how Geniemode was built, who backed it, how it actually earns, and where the numbers do and do not line up, using only sources published up to September 2026.

Quick facts

What Geniemode does

Geniemode is a business-to-business sourcing platform that sits between global brands and retailers on one side and the factories that make their goods on the other. Its customers are buyers of home and fashion products, and the company handles the end-to-end supply chain for them: design and product development, matching orders to manufacturers, quality control and inspection, compliance, order tracking, logistics and delivery. The catalogue spans four categories, furniture, home textiles, apparel and accessories, and the pitch to a buyer is a single tech-enabled window into cost, minimum order quantities, a design library and live order status instead of a scattered network of agents and factories. As reported by YourStory, its buyers have included brands and retailers such as Mango, Desigual, Lefties, Amazon, Next in the UK, TJ Maxx in the US, TK Maxx in the UK and Liverpool in Mexico, with sourcing markets in the United States, the United Kingdom and Europe.

The origin: two Limeroad hands and a broken handoff

Geniemode was founded in May 2021 by Amit Sharma and Tanuj Gangwani, two people who had already spent years inside the messy middle of Indian fashion retail. Both came from Limeroad, the online fashion marketplace; Gangwani had been a co-founder and finance leader there and Sharma had run sourcing, so between them they had lived the buying side and the money side of the same problem. The founding insight was old-fashioned and specific. Global brands buy enormous volumes of home and fashion goods from Indian and Asian factories, but the process that connects them still ran on buying agents, email chains, sample couriers and spreadsheets, with the buyer rarely able to see the true cost or the real status of an order. Sharma and Gangwani reasoned that the handoff from a brand’s design to a factory’s shipment could be turned into software plus a managed service, so that a buyer in London or New York could place, track and receive an order with the transparency they were used to online but almost never got in wholesale sourcing. Geniemode was built to be that layer.

The struggle years: a hard category and thin margins

The business Geniemode chose is a difficult one to make money in, and the early record shows it. Cross-border sourcing is a low-margin, high-volume trade: the company largely books the value of the goods it moves as revenue, which makes the top line look large, while the actual margin it keeps is thin and easily eaten by materials, freight and people. That structural reality is visible in the filings. In FY24 the cost of materials alone was ₹467 crore against operating revenue of ₹556 crore, and total expenses of ₹641 crore pushed the company to a net loss of ₹77.62 crore, as reported by Entrackr from the RoC filing. Building the network was also slow, capital-hungry work. Geniemode had to sign up factories and buyers on both sides of the marketplace before either side saw much value, and around mid-2022, only about a year in, it counted roughly 200-plus suppliers and 100-plus buyers, per a Citi profile of the company. Adding western demand meant opening in the US and the UK and competing for the attention of large, careful retail buyers who already had entrenched sourcing relationships. None of this is a single dramatic near-death; it is the grind of proving that a middleman can add enough value to justify its cut in a trade that has always resented middlemen.

The turning point: from India-only sourcing to owning the buyer relationship

The event that reshaped the company was the leap in scale between FY23 and FY24, paid for by venture money and a push into western markets. Operating revenue rose more than 2.6 times to reach ₹556 crore in FY24, according to Entrackr, on the back of a widened geography and a deeper roster of global buyers. The strategic shift underneath that number was moving from being a sourcing agent for Indian goods to positioning as the buyer’s outsourced supply chain across categories and countries, the party that owns design, quality and logistics rather than just introducing a factory. That is what let Geniemode grow its order value fast while arguing it could eventually keep more of each rupee. By the time of its Series C in early 2025, co-founder and CFO Tanuj Gangwani was framing the business as having crossed into disciplined growth, telling reporters the company had reached a positive EBITDA run rate of over $2 million (about ₹17 crore) and was closing the year with a gross merchandise value he put near $140 million. The audited FY25 filing tells a more measured version of the same story, and the gap between the two, examined below, is itself part of the turning point: Geniemode is now big enough that its own claims and its statutory numbers are worth reading side by side.

The money behind it

Geniemode has raised roughly $85 million across three institutional rounds in under four years, from a cap table that leans on two anchor investors, Info Edge and Tiger Global, joined at Series C by a set of growth funds.

• Series A, reported January 2022: $7 million, led by existing backer Info Edge (Info Edge Ventures), the online-classifieds group behind Naukri and 99acres (YourStory).
• Series B, April 2022: $28 million, led by Tiger Global with about ₹152 crore ($20 million) and Info Edge Ventures with about ₹58.52 crore ($8 million); the round came within four months of the Series A, and Entrackr’s Fintrackr pegged the post-money valuation at about ₹1,228 crore ($162 million) (YourStory, Business Today, Entrackr).
• Series C, reported 24 February 2025 (filing dated 27 March 2025): over $50 million, led by Multiples Equity with about ₹223 crore ($26.2 million), followed by Fundamentum at ₹88 crore ($10.3 million), Paramark Ventures at ₹36.7 crore ($4.3 million) and existing investor Info Edge at ₹22 crore ($2.6 million); Entrackr/Fintrackr estimated the post-money valuation at about ₹1,800 crore (~$212 million) (Entrackr, Business Standard).

Post the Series C allotment, Entrackr reported co-founder Amit Sharma held about 27.35%, Info Edge about 23.2% and new lead Multiples about 12.39%, with Fundamentum and Paramark taking smaller stakes. The stated purpose of the Series C money was global expansion, entering new markets and strengthening the technology behind the supply chain, per Entrackr’s reporting of the round. The valuations here are Fintrackr estimates derived from filings rather than company-confirmed figures, and should be read that way.

How Geniemode makes money

Geniemode is, in accounting terms, mostly a trading business with a technology and services wrapper. That single fact explains almost everything about its economics.

• Money in: sale of goods. Revenue is overwhelmingly the value of products it sources and sells to buyers. In FY25 the sale of goods was about ₹657 crore, up 20% from ₹549 crore in FY24, and goods accounted for roughly 98% of income, per Entrackr. Because the full order value flows through the top line, revenue scales quickly with volume.
• Costs out: materials dominate. The largest cost by far is the goods themselves. In FY25 the cost of materials was about ₹551 crore, or roughly 75% of total costs, up 18% from ₹467 crore in FY24 (Entrackr). Employee benefit expenses were about ₹69 crore, legal and professional fees about ₹38 crore, finance costs about ₹14.5 crore and other expenses about ₹51.5 crore.
• Where the margin sits. The value Geniemode keeps comes from the spread between what a buyer pays and what the factory and freight cost, plus whatever it earns for design, quality assurance and coordination. That spread is thin: Entrackr calculated the company spent about ₹1.09 to earn a rupee of operating revenue in FY25, which is why a ₹673 crore top line still produced a loss.
• The part people get wrong. The headline revenue is close to the gross value of goods traded, not a high-margin software fee. Geniemode is asset-light in that it does not own factories, but it is not a pure-play SaaS or pure marketplace take-rate business; its economics look more like managed trade than like a software company, and its published take rate on transactions is not disclosed.

The numbers

The two most recent audited years show fast revenue growth alongside a shrinking, but still real, loss. Figures below are as reported by Entrackr from the company’s RoC filings; Inc42’s compilation lists slightly higher revenue (₹678.4 crore for FY25 and ₹563.7 crore for FY24), a normal gap between operating-revenue definitions.

• FY25 revenue: ₹673 crore, up 21% from ₹556 crore in FY24 (Entrackr, RoC filings).
• FY24 revenue rose more than 2.6 times from the prior year, off a smaller FY23 base, marking the company’s fastest growth year (Entrackr).
• FY25 net loss narrowed about 35% to roughly ₹51 crore from ₹77.62 crore in FY24, mainly on a 13% cut in employee costs to ₹69 crore from ₹79 crore (Entrackr).
• EBITDA margin was about -7.58% in FY25, per Entrackr, an improvement but still negative on a reported basis.

Where the money comes from

• By product mix: goods sales were roughly 98% of FY25 income, spanning furniture, home textiles, apparel and accessories; services and other income were a small remainder (Entrackr).
• By geography: demand is concentrated in western buyers, with the company selling into the United States, the United Kingdom, Europe and Mexico, and named customers including Mango, Desigual, Next, TJ Maxx, TK Maxx and Liverpool (YourStory).
• The surprise, GMV versus filed numbers: around the Series C, co-founder Tanuj Gangwani described FY25 gross merchandise value near $140 million (about ₹1,200 crore), yet the audited FY25 filing shows GMV crossing about ₹650 crore and operating revenue of ₹673 crore (Entrackr). The company-stated forward figure and the statutory figure differ by nearly half, a reminder to treat founder GMV claims and filed revenue as two different things.

The risks

• Structurally thin margins. Because most revenue is the pass-through value of goods, a small move in materials or freight cost swings the whole result. FY25 still ran at a loss with the company spending ₹1.09 for every rupee of operating revenue (Entrackr), so profitability depends on squeezing an already narrow spread.
• Concentration in discretionary western retail. Sales lean on large US and European brands and off-price retailers such as TJ Maxx and Next (YourStory). Home and fashion goods are discretionary; a demand slowdown, tariff shift or inventory glut at a few big buyers can hit order volume quickly, and cross-border trade policy is outside the company’s control.
• Cash burn against an estimated valuation. Geniemode has raised about $85 million and was last valued at an estimated ₹1,800 crore (Entrackr/Fintrackr), a figure not officially confirmed. With continued losses, the company needs either sustained margin improvement or fresh capital to grow into that mark, and the gap between the founder’s GMV framing and the filed numbers raises the bar for how investors read future claims.

The takeaway

Geniemode’s story is a clean lesson in reading a “large” revenue number correctly. A ₹673 crore top line sounds like scale, but when almost all of it is the pass-through value of traded goods, the real question is not how big the revenue is but how many paise the company keeps from each rupee, and here that spread is thin enough to leave a loss even after fast growth and disciplined cost cuts. The transferable point for anyone building or backing a managed-trade platform is that asset-light does not mean high-margin: owning the buyer relationship, the design and the quality control is what eventually earns a defensible cut, and until that cut widens, growth is mostly volume. Geniemode has built the network and the demand; the unfinished work, visible in every year of its filings, is turning that volume into margin.

Frequently asked questions

What does Geniemode do?

Geniemode is a B2B cross-border sourcing and supply-chain platform based in Gurugram. It connects global brands and retailers with manufacturers and manages the end-to-end process, design, product development, quality control, compliance and logistics, for furniture, home textiles, apparel and accessories.

Who founded Geniemode and when?

It was founded in May 2021 by Amit Sharma and Tanuj Gangwani, who had both worked previously at the fashion marketplace Limeroad. Sharma is the CEO and Gangwani is the co-founder and CFO.

How much funding has Geniemode raised?

Roughly $85 million across three rounds: a $7 million Series A (reported January 2022, Info Edge), a $28 million Series B (April 2022, led by Tiger Global with Info Edge), and a Series C of over $50 million (reported February–March 2025, led by Multiples with Fundamentum, Paramark and Info Edge).

What is Geniemode’s revenue and is it profitable?

Operating revenue was about ₹673 crore in FY25, up 21% from ₹556 crore in FY24, per Entrackr’s reading of RoC filings. It was not profitable: it reported a net loss of about ₹51 crore in FY25, narrowed from ₹77.62 crore in FY24.

What is Geniemode’s valuation?

Entrackr’s Fintrackr estimated a post-money valuation of about ₹1,800 crore (~$212 million) at the Series C in early 2025, up from an estimated ₹1,228 crore ($162 million) at the Series B in April 2022. The company has not officially disclosed these valuations.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Entrackr — “GenieMode reports Rs 51 Cr loss on Rs 673 Cr GMV in FY25” (October 2025)
• Entrackr — “Decoding Geniemode’s Series C funding round, latest valuation and captable” (2025)
• Entrackr — “Geniemode raises $50 Mn in Series C round led by Multiples and Fundamentum” (February 2025)
• Entrackr — “Tiger Global leads $28 Mn round in Geniemode at over $160 Mn valuation” (April 2022)
• Inc42 — Geniemode company financials page (accessed September 2026)
• YourStory — “Geniemode raises $28M in Series B from Tiger Global, Info Edge Ventures” (April 2022) and “How B2B cross-border tech startup Geniemode is streamlining supply chain” (June 2022)
• Business Today — “Geniemode bags $28 mn in Series B funding from Tiger Global, Info Edge Ventures” (April 2022)
• Business Standard — “Geniemode raises over $50 million in Series C round led by Multiples” (February 2025)
• Citigroup — “Local to global: the Geniemode story” (company profile)
• Tofler — Geniemode Global Private Limited, CIN U51909DL2021PTC379420 (company master data)
• Trading Economics — USD/INR reference rate (September 2026)

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