Moglix, an Indian B2B e-commerce startup, has announced closing of Series B round of funding at $12 million. The round saw participation from International Finance Corporation (IFC), a member of the World Bank Group and Rocketship, along with existing investors Accel Partners, Jungle Ventures, Shailesh Rao, ex-VP Twitter and Google, and Venture Highway advised by Neeraj Arora of Whatsapp.
The startup digitally transforms the supply chain of manufacturing sector in India, and is also backed by Tata Sons’ Chairman Emeritus Ratan Tata since its inception, as his maiden investment in B2B e-commerce domain. The funds will be used to support the increasing demand for Moglix’s technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans.
“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,” said Pravan Malhotra, Head Asia Internet Investments, IFC.
According to Moglix, manufacturing sector in India is the least digitized 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 and Chennai.
“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,” said Rahul Garg, Founder & CEO, Moglix.
“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,” he further added.
Founded in 2015, 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. With this current round, the total amount of fund raised by Moglix stands at $18 million.