RatanTata with Rahul Garg, Founder and CEO, Moglix
Ratan Tata backed B2B e-commerce startup Moglix has raised USD 12 million in Series B round of funding.
The round 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 & Google and Venture Highway.
Noida based Moglix said that the fresh funds will be used to support demand for new technology solutions 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.
Moglix currently has more than two lakh stock keeping units (SKUs) listed on its platform and serves electrical and public sector undertakings (PSUs) in the country such as Lumax, IndiaForge, Havells etc. The company aims to expand in more cities in India.
"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," said Rahul Garg, founder & CEO, Moglix.
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 around USD 18 Million.