B2B ecommerce startup Moglix has raised $12 million in a series B round of funding. The round saw participation from International Finance Corporation (IFC), along with Moglix’s existing investors Accel Partners, Jungle Ventures, Shailesh Rao, former VP at Twitter and Google, and Venture Highway, advised by Neeraj Arora of Whatsapp.
Moglix is also backed by Tata Sons’ Chairman Emeritus Ratan Tata, who made his maiden investment in the B2B e-commerce domain.
Moglix will be using the funds to support the demand it is seeing for its solution in supply chain and manufacturing domain. It will also use the funds for infrastructure growth and geographical expansion.
Moglix says that with this investment, it intends to propel digital revolution of India’s manufacturing sector with its integrated digital supply chain solution and is aiming to launch in three more cities in India apart from its current presence in Delhi NCR, Pune and Chennai.
Rahul Garg, founder and CEO, Moglix said, “We are delighted to welcome on board the team at IFC as well as Rocketship and appreciate the continued trust of our existing investors Accel Partners, Jungle Ventures, Shailesh Rao and Venture Highway. The raise will accelerate our infrastructure build-up to better serve our customers, and enhance our product offerings as the manufacturing and supply chain industry heralds towards digitization.
Founded in 2015 by Rahul, Moglix is a B2B e-commerce marketplace that specializes in B2B procurement of industrial products such as MRO, fasteners, electrical, hardware, pneumatics, safety items and more. It aims to be the largest technology platform where demand and supply can be matched through price discovery and product availability.
RatanTata with Rahul Garg, founder and CEO, Moglix
The company’s solutions cater to more than one lakh small and medium-sized enterprises (SMEs), and over 200 large manufacturing houses in India.
Moglix currently has over two lakh stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and public sector undertakings (PSUs) in the country including Lumax, IndiaForge, Havells etc.
According to a recent industry report, the global B2B e-commerce market is estimated to reach $7 trillion by 2020, as it’s twice as big as B2C market says Rahul. Given this opportunity, Moglix is looking to harness the potential of the market in India and other Asian countries.
"Moglix’s client satisfaction, innovation, strength of management and expansion are redefining the B2B e-commerce market. We are excited to partner with the company as they embark on the path of rapid growth and success,” Pravan Malhotra, Head Asia Internet Investments, IFC, said.
Anurag Srivastava, founding and Managing Partner, Jungle Ventures said, “The team at Moglix is doing an amazing job building top-tier SaaS products for the manufacturing and supply chain industry. As a board member, I have observed that Moglix strives to create excellence at every step and has achieved sustainable and healthy growth alongside. Our investment in Moglix reflects the trust we have in them.”
Moglix had previously raised Seed and Series A funding of around $6 million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. With this current round, the total amount of fund raised by Moglix stands at around $18 million.