Noida-based B2B marketplace, Moglix today said that it has raised $12 Mn in Series B round from International Finance Corporation (IFC), a member of the World Bank Group and Rocketship.vc. The existing investors Accel Partners, Jungle Ventures, Shailesh Rao, ex-VP Twitter and Venture Highway also participated in this round of financing.
Founded by Rahul Garg, an ex-Google executive in 2015, Moglix is a B2B online marketplace for industrial goods. The company currently caters more than two lakh product SKUs on its platform and serves some of the largest auto, electrical and public sector undertakings (PSUs) in the country including Lumax, IndiaForge, Havells etc.
It operates and delivers industrial goods across 25,000 pin codes through its warehouses which are located in NCR, Pune and Chennai.
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 added.
Moglix had previously raised Seed and Series A funding of $6 million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. Since its inception, the company has raised about $18 million and also counts Ratan Tata as its investors.
Moglix wants to revolutionised B2B ecommerce by integrating proper technology in place. Most recently, It has launched Green GST, a SAAS enabled GST application solution for manufacturing units across India. The solution aimed at improving transparency and digitizing manufacturing space.
As per industry report, the global B2B e-commerce market is estimated to reach $7 Tn by 2020, which is double of B2C market and startup companies like Industrybuying, OffBusiness and Power2SME making strides to harness the potential of the market in India and other Asian countries in this sector.