Ratan Tata backed Moglix today said it has raised Rs 28 crore from investors led by Accel Partners, Jungle Ventures and SeedPlus.
The B2B e-commerce company, which specialises in procurement of industrial products, will use the series A funding for expanding across major industrial hubs and further enhance its technology platform, it said in a statement.
In February, the company had raised an undisclosed amount from leading industrialist Ratan Tata.
"We believe that technology can be a strong factor in propelling the efficiency and scale for both procurement and sales of the organisations. We are working with many of these companies to fast forward them to the digital age where technology can enable them to do tasks 3-5X faster," Moglix founder and CEO Rahul Garg said.
The company currently has over two lakh SKUs listed on its platform and serves some of the largest auto, electrical and PSUs like Lumax, IndiaForge and Indian Oil. It caters to over 20,000 SME buyers and 100 large manufacturing houses.
The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base five times to one lakh and large manufacturing buyers to over 1,000 in the next 18 months, the statement said.
Moglix recently expanded its operations in West India and plans to expand its footprint to South and East India in the coming year, it added.
Anurag Srivastava, Founding and Managing Partner of Jungle Ventures will join Moglix's board.
Founded in August 2015, Moglix had raised pre-series A funding from Accel Partners and Jungle Ventures in October 2015. It is targetting revenues of over USD 100 million in next three years.
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