B2B ecommerce startup Moglix closes Series C with $23 MDebolina Biswas
Leading B2B ecommerce startup - Moglix, closed its Series C round of funding on Tuesday with $23 million from existing investors Accel Partners, Jungle Ventures and International Finance Corporation (IFC), member of World Bank Group. Venture Highway, Shailesh Rao and InnoVen Capital also participated in the round. The company has now raised a total of $41 million.
Pravan Malhotra, Venture Capital team, IFC, said, “The Indian government has a strong focus on using technology to transform traditional sectors such as logistics, supply chain and manufacturing. By backing clients such as Moglix, who operates in the B2B commerce market, IFC is supporting technology-led solutions that bring process and cost efficiencies and move businesses to new growth trajectories and deliver strong investor returns.
Founded in August 2015, Moglix aims to digitally transform the supply chain of manufacturing sector in India. The startup will expand to newer markets and geographies with the newly raised funds. The company will further increase its logistics network and supply chain across the country.
Founder and CEO of Moglix, Rahul Garg said, "The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in our focus areas such as technology innovation, analytics and building a wide logistics infrastructure network. We are now focussed on our next phase of growth across diverse markets and going forward, we will continue to bring in new talent and strengthen our talent base.”
He also added that Moglix is growing at 400 percent year-on-year. It aims to be the largest technology platform where demand and supply can be matched through process discovery and product availability.
Moglix, currently operating across 10 centres in India, is also backed by Tata Sons' Chairman Emeritus Ratan Tata since its inception. It was his maiden investment in the B2B ecommerce domain.
Founding and managing partner of Jungle Ventures, Anurag Srivasatava said,"Automation is the new keyword for any industry. Moglix has been performing commendably for the manufacturing sector and we are delighted to be a part of their success story. Our investment is a testament of our trust in the brand."
The startup raised $12 million last year, from IFC, Rocketship VC and Accel, among others.
In a previous conversation with YourStory, Rahul said that B2B businesses are not glamorous - finding the right talent means finding people with a passion for the business and the problem you are trying to solve.