Moglix raises Rs28 crore in series A round
Moglix will use the funds for expanding to more markets and increasing its customer base of SMEs and large manufacturers
New Delhi: Moglilabs Pvt. Ltd, which runs business-to-business (B2B) industrial products marketplace Moglix, on Tuesday said it had raised Rs28 crore in a series A funding round led by Accel Partners, with participation by Jungle Ventures and SeedPlus.
Anurag Srivastava, founding and managing partner, Jungle Ventures, will be joining the advisory board of Moglix to advise on product management and devising technology strategy for large automotive manufacturers.
The company will use the funds for expanding to more markets and increasing its customer base of small and medium enterprises (SMEs) and large manufacturers.
In February, Moglilabs received an undisclosed amount of investment from Ratan Tata, chairman emeritus of Tata Sons Ltd, prior to which the company raised $1.5 million in pre-series A funding from Accel Partners and Jungle Ventures in October 2015.
Founded in August 2015 by Rahul Garg, Moglix is a global online B2B marketplace for enterprises to procure industrial products such as fasteners and industrial electricals. It has partnered with over 1,500 manufacturers and distributors across these categories in India, China and Taiwan to supply the products.
“We believe that technology can be a strong factor in propelling the efficiency and scale for both procurement and sales of the organizations. We are working with many of these companies to fast forward them to the digital age where technology can enable them to do tasks 3-5X faster,” Garg said in a statement.