B2B Industrial goods marketplace, Moglix has raised $23 million in a new funding round led by existing investors Accel Partners US, Jungle Ventures and International Finance Corporation (IFC), members of the World Bank Group.
The current Series C round funding comes after 17 months when the startup last raised $12 million Series B funds from the above mentioned investors in July 2017. With this round, Moglix has raised the total amount of $41 million to date.
Besides improving supply chain network, Moglix plans to deploy the newly raised funds to build its team and technology product suite, and expand its operations in newer markets.
Rahul Garg, founder and CEO, Moglix 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.”
Founded by ex-Google employee Rahul Garg in 2015, Moglix specialises in B2B procurement of industrial products such as MRO, fasteners, electrical, hardware, pneumatics and safety items. The company has listed over 300,000 products SKUs spanning across 2,500 brands and about 4,000 suppliers on its platform. Further, it plans to double the supplier base of 10,000 and 500,000-1 million product SKUs over the next 1 year.
Moglix operates across 10 centres in India and serves to both large and SME players with annual turnover ranging between Rs 500 crore and Rs 10,000 crore. It claims to work with about 400 large manufacturing clients and more than 2.5 lakh small and medium-sized enterprises (SMEs). While it also claims to growing at 400 percent year-on-year.
Backed by Tata Sons’ Chairman Emeritus RatanTata, the company directly competes with IndustryBuying, along with other players such as Power2SME, Amazon,