B2B e-commerce startup, Moglix announced closing Series B round of funding at $12 Million. The round saw participation from International Finance Corporation (IFC), a member of the World Bank Group and Rocketship.vc, along with Moglix’s existing investors Accel Partners, Jungle Ventures, Shailesh Rao, ex-VP Twitter & Google and Venture Highway advised by Neeraj Arora of Whatsapp. Moglix is also backed by Tata Sons’ Chairman Emeritus Ratan Tata since its inception, as his maiden investment in B2B e-commerce domain.
The funds will be used to support Moglix’s technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans as well. According to the company, barely 2-3% of manufacturing units are using digital platforms in their supply chain management – making India’s manufacturing sector the least digitised industry in comparison to other industries. This investment, according to Moglix, will help in pushing the digital revolution of India’s manufacturing sector with its integrated digital supply chain solution. In addition to their current presence in Delhi NCR, Pune and Chennai, they also aim to launch in 3 more cities in India.
Speaking on the funds raised, Rahul Garg, Founder & CEO, Moglix said, “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.”
Moglix claims to cater to more than one lakh and medium-sized enterprises (SMEs) and over 200+ large manufacturing houses in India. The company has more than 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. They specialise in digital procurement of industrial MRO items and aims to utilise the funds to expand geographically across multiple industrial hubs in India.
In order to make the entire customer ecosystem GST compliant and future-ready, Moglix also launched GreenGST, a solution for the manufacturing sector.
Founded in 2015, Moglix had previously raised Seed and Series A funding of $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 $18 Million.
Rahul adds, “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. We are making strides to harness the potential of the market in India and other Asian countries.”