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Moglix raises Series B funding of USD 12 Million from IFC, Rocketship, Accel Partners and Jungle Ventures

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Noida, India, 6 July, 2017– Moglix, a leading B2B e-commerce start-up, that is
digitally transforming supply chain of manufacturing sector in India, has
announced closing of Series B round of funding at USD 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.





RatanTata with Rahul Garg, Founder and CEO, Moglix
The
funds will be used to support the strong demand for Moglix’s robust technology solution
in supply chain and manufacturing domain, infrastructure growth and
geographical expansion plans.
Manufacturing sector in
India is the least digitised industry compared to other sectors in India.
Today, barely 2-3% of manufacturing units are using digital platforms in their
supply chain management. With this investment, Moglix is looking to propel
digital revolution of India’s manufacturing sector with its integrated digital
supply chain solution and aiming to launch in 3 more cities in India apart from
its current presence in Delhi NCR, Pune & Chennai.  
Moglix’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 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. The company specializes in digital procurement of industrial MRO items and
aims to utilise the funds to expand geographically across multiple industrial
hubs in India.  With the recent reforms
of GST implementation and move towards a cashless economy, Moglix is
well-poised to cater to more customers in the days to come. Recently, Moglix also
launched
GreenGST, a unique solution for the
manufacturing sector that will make the entire customer ecosystem GST compliant
and future-ready, marking another milestone towards its commitment to the
space.
Founded
in 2015, Moglix had previously raised Seed and Series A funding of USD ~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 USD ~18 Million. The announcement is significant since
the investment has been raised at a time when there is heightened uncertainty
and deteriorating business confidence overshadowing the start-up
ecosystem.    




Rahul Garg, Founder & 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. He further added, “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.”
Pravan
Malhotra, Head Asia Internet Investments, IFC, said, “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.”
Anurag Srivastava, Founding & 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. He further added, “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.”

“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.
It
is heartening to see their commitment since inception – we wish the team all
the best for future.” said Subrata
Mitra, Accel Partners.

TECHXLR8 Asia