Connect with us

Latest News

B2B firm Moglix Raises Series B Funding Of $12 Million

Ramya GovindRaj

Published

on

B2B firm Moglix Raises Series B Funding,Startup Stories,Startup Stories India,Inspirational Stories,B2B ecommerce startup,International Finance Corporation,Ratan Tata,Moglix Raises,B2B firm Moglix Raises,India Business News 2017

Leading B2B ecommerce startup backed up Ratan Tata, Moglix raised $12 million in Series B funding round. The participants in this round are the financial arm of World Bank, International Finance Corporation (IFC,) Rocketship.vc along with Moglix’s existing investors Accel Partners, Jungle Ventures, Shailesh Rao, ex-VP Twitter and Google and Venture Highway advised by Neeraj Arora of Whatsapp.

Moglix based in Noida said the fresh funds will be used to support demand for new robust technology solutions in the supply chain and manufacturing domain, infrastructure growth and geographical expansion plans.

The B2B ecommerce market space was founded in 2015 by Rahul Garg, who previously worked as Head of Advertising Exchange at Google Asia. The startup is also backed by the Chairman Emeritus of Tata Sons, Ratan Tata since its inception as his maiden investment in the B2B ecommerce domain. Moglix raised approximately $6 million in Series A funding round from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway.

Moglix plan to digitally transform the supply chain of the manufacturing sector in India and propel the digital revolution. They also plan to launch in three more cities to add to their presence in Delhi NCR, Pune and Chennai. Their current team strength exceeds more than 200 employees who cater to more than one lakh small and medium sized enterprises (SMEs) and over 200+ large manufacturing houses in India.

Founder and CEO of Moglix, Rahul Garg, said this raise will accelerate their infrastructure build up, enabling them to better serve their customers and enhance their product offerings. He also added that they were making strides to harness the potential of the market in India and other Asian countries.

The Head of Asia Internet Investments at IFC, Pravan Malhotra, said they were excited to partner with Moglix whose client satisfaction, innovation, the strength of management and expansion is helping in to redefine the B2B ecommerce market.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Yatra Online Keen On Raising 9 Mn Shares Worth $ 50 Mn

Published

on

Yatra Online Raising,Startup Stories,Startup News India,Inspiring Stories,Latest Business News 2018,Yatra Online Plans to Raise 9 Mn Shares,Yatra Online Shares,Yatra Online Latest Business News,Largest Online Travel Agent Yatra,Yatra Online CEO

Yatra Online which is one of the leading online travel companies of India announced its plans to launch a public offering of ordinary shares. The company revealed its plans to sell an enormous nine million ordinary shares of the company as it is keen on raising an estimated $ 50 million (Rs. 332.6 crores,) specifically for its business development. All the ordinary shares would be sold in the offering by Yatra. Ordinary shares are basically the shares in a company that are owned by people who have a right to vote in the company’s meetings. The shareholders receive a part of the company’s profits after the holders of preference shares have been paid. In addition, Yatra expects to grant the underwriters a 30 day option for the purchase of its ordinary shares. In a statement filed with the US Securities and Exchange Commission (SEC,) the Nasdaq listed Online Travel Agency (OTA) said it plans to use the earnings from the public market sale of shares toward general corporate and business purposes.

The announcement comes a month after Yatra filed a shelf registration statement with the US Securities and Exchange Commission, stating its target to raise $ 100 million over a span of three years . Last year, the company had filed an offer for sale of shares in order to raise $ 60 million.

The CFO of Yatra.com Alok Vaish said this is a universal shelf or an enabling filing which allows us to raise funds up to $100 mn, if required, over a period of next 3 years. The security could be equity, debt, preferred shares etc. However, currently, we are well funded and this filing will enable us to raise more funds at the right time to increase our capital base further.

At present, Yatra.com is the second largest online travel agent company in India. Based in Gurugram, India, Yatra is a one stop shop for all travel related services. It provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, packages, buses, trains and many more. Yatra Online is currently aligned with more than 70,000 hotels in India. Alongside, Yatra holds nearly 800,000 hotels across the globe. This famous OTA is backed by IDG Ventures, Vertex Venture Management, Norwest Venture Partners among other investors.

Continue Reading

Latest News

After Swiggy, Zomato Is In Talks For $ 400 Mn Funding!

Published

on

Swiggy and Zomato Talks For $ 400 Mn Funding,Startup Stories,Startup News India,Latest Business News 2018,Startup Funding News,Swiggy Funding,Zomato Funding News,Swiggy Vs Zomato,Food Tech Startup Funding,Food Tech War,Food Delivery Startup Swiggy Latest News

Swiggy, the food tech startup’s recent fundraising has caught everybody’s attention! The online food delivery startup Swiggy secured a massive $ 210 million from the South African technology conglomerate Naspers and the Yuri Milner led DST Global. Just a day after the announcement was made Zomato, its competitor started making news for the right reasons! Zomato is likely to raise $ 400 million in funding. According to reports,the Indian restaurant search and food delivery service Zomato, is in talks with its current investors, Ant Financial and Temasek, for a valuation of around $ 2 billion. It is also said that the company is in talks with the Alibaba Group for the existing funding round that could value Zomato between $ 1.6-$ 2 billion. Alongside, food services and facilities management company Sodexo, has partnered with the online restaurant discovery platform, Zomato to facilitate payments for orders. As a part of the launch, consumers who pay for their meals using the Sodexo Meal Pass will get a flat 50 % off on the first five orders from Zomato. It is also gearing up and trying to expand as much as possible in order to improve its competitiveness with regard to Swiggy. Earlier this month, Zomato also announced its expansion in Ludhiana and Lucknow after servicing a spread out across 17 cities in India. The delivery app has partnered with more than 1000 restaurants across Lucknow and Ludhiana, ranging from the city’s favourite, legendary restaurants to the coolest of the cafes in town!

Zomato, valued at $ 1 billion, has operations in countries overseas including the United States, Britain and Australia. So far it raised $ 225 million from investors including Temasek, Sequoia and Info Edge. Whereas, Swiggy is valued at $ 1.3 billion which makes the startup now among the unicorn club. These two rivals are combating to become the number one food tech company in India.

The war between the food tech startups is only getting intense by the day.

Continue Reading

Latest News

Myntra Launches Its Own Wearable Platform

Published

on

Myntra Launches Its Own Wearable Platform,Startup Stories,Startup News India,Latest Business News 2018,Online Fashion Store Myntra,Myntra Launch of Myntra Wearable Platform,Myntra Latest News,Myntra Blink Go Fitness Tracker,Myntra Wearable Platform,Myntra First Smart Wearable

The online fashion platform Myntra which is owned by the e commerce giant Flipkart, recently launched its software platform specifically for wearable devices. The wearable platform is called Myntra Wearable Platform which is developed by Myntra’s innovation labs unit. This online platform will offer its own line of wearable products as well as those developed by third party device makers. Just two months ago, Myntra acquired the Bengaluru based smart wearables startup, Witworks. Looks like the launch of the latest wearable platform was on Myntra’s cards already!

According to reports, the Chief Technology Officer of Myntra, Jeyandran Venugopal said,

The intent behind this platform is to not only allow our wearable products to co exist and leverage each other’s data to provide meaningful insights but also enable external developers to build apps or device manufacturers to integrate their own offerings to the platform

The platform would also allow wearable devices that could discover and talk to each other.

Myntra Blink Go Fitness Tracker, Myntra’s first smart wearable device.

The smart wearable device Blink Go, features a colour organic light emitting diode (OLED) display, heart rate sensor and activity tracker as well. The device tracks notifications, alerts and sleep patterns. Blink Go comprises of a sports mode to track specific exercise and workout routines. Other specifications include a battery life for more than three days, activity tracker and leaderboard to compete with friends across the world. This smart wearable device would be available for the latest versions of Android and iOS devices.

Blink Go would go on sale on 22 June during the Myntra’s End of Reason Sale. The product is priced at Rs. 1,679.

Venugopal added we are looking at building a line of wearable products that can complement with each other in an integrated manner. We are planning to bring in smart features through a combination of varied sensors and connectivity modules for audio wear, footwear, eyewear and apparels and are looking at acquiring 10 to 20 % of the wearables market over the next three years.

With technology reaching new heights, Myntra is aspiring to enter into the tech platform with its innovative products!

 

Continue Reading
Advertisement

Recent Posts