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.