IFC leads $12 million funding in B2B e-commerce platform Moglix2 min read . Updated: 06 Jul 2017, 05:42 AM IST
Moglix will deploy the fresh capital towards expanding its warehouse facilities, investments in technology and creating a stronger supply-chain network
Mumbai: Moglix, a business-to-business (B2B) industrial goods marketplace, has raised $12 million led by International Finance Corp. (IFC) in a series B funding round that saw existing investor Jungle Ventures increase its investments, the company said on Thursday.
California-based Rocketship.vc also came on board as a new investor, while Accel Partners; Shailesh Rao, a former vice-president at Twitter and Google, and Venture Highway did follow-on investments.
“Jungle Ventures has taken a significantly stronger position. They entered in series A and have gone aggressive in series B," Moglix founder Rahul Garg said in a telephone interview.
Founded in 2015, Moglix had previously raised seed and series A funding of about $6 million.
Tata Sons chairman emeritus Ratan Tata is an investor in the company.
Moglix is based in Noida in the National Capital Region (NCR) and has five warehouses across NCR, Pune and Chennai. The platform offers a wide assortment of hardware tools like drills, chain saws and electrical circuits to businesses engaged in manufacturing.
Garg said Moglix has products from over 2,000 brands from about 5,000 sellers and the capability to deliver to 25,000 pin codes.
“We work with 100,000 plus SMEs (small and medium enterprises); we have serviced them and they continue to be active buyers on a self-serve basis. We also work with 200 plus large manufacturing plants from across automotive, electrical, pharma and FMCG sectors," he said.
Moglix will deploy the fresh capital towards expanding its warehouse facilities, investments in technology—both in the e-commerce platform and warehouse automation—and creating a stronger supply-chain network.
Garg said the company is looking to expand to key manufacturing hubs in Gujarat, Karnataka and Andhra Pradesh. “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," IFC’s head of Asia internet investments Pravan Malhotra said in a statement.
The company recently launched GreenGST, a SAAS-based (software as a service) solution that enables filing of goods and services tax, reconciliation of invoices, maintaining dashboards for multiple plants and warehouses. A part of the capital raised will also go in expanding the product, Garg said.
“We are excited to be working with Moglix as the company enters the next phase of its growth with the launch of GreenGST. B2B commerce is a fast-emerging space and Moglix has been at the centre of it with the right moves," Subrata Mitra, partner at Accel Partners, said in a statement.