Founded in 2015 B2B e-commerce start-up Moglix has raised $12 million Series B round of funding which will be used to support its technology solution in supply chain and manufacturing domain, infrastructure growth, and geographical expansion plans.
The latest round of funding saw participation from International Finance Corporation (IFC), a member of the World Bank Group and 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 is also backed by Tata Sons’ Chairman Emeritus Ratan Tata since its inception, as his maiden investment in B2B e-commerce domain.
The manufacturing sector in India is the least digitised 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 and more cities in India apart from its current presence in Delhi NCR, Pune and Chennai.
With the recent reforms of GST implementation and move towards a cashless economy, Moglix also launched GreenGST, to help the manufacturing sector become GST compliant and future-ready.
Founded in 2015, Moglix had previously raised Seed and Series A funding of USD 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 USD 18 million.
Rahul Garg, Founder and 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 further added, “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.”