Receiving huge funds: Rahul Garg, Founder & CEO, Moglix
Moglix, India’s largest industrial tools e-marketplace, has announced the closing of Series D round of funding of$60 Million. The round led by Tiger Global also saw participation by Sequoia India and Composite Capital. The company’s current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway, and Tata Sons’ Chairman Emeritus Ratan Tata.
The Indian indirect purchase market is currently worth $50 billion-plus and is estimated to grow to $100 billion by 2025. Moglix is leading the transformation in the space of indirect purchase by reimagining B2B commerce and investing heavily in technology-first innovations.
The funds will be used in creating industrial distribution centers across India to cover 25-plus major hubs for manufacturing by May 2020. Moglix will continue to invest in tech-first strategies to further disrupt the supply chain and procurement domain across verticals, making touchless, seamless indirect procurement a reality for the Indian market.
“We’re excited to lead procurement transformation, building the right kind of distribution model for Modern India. I believe this change will impact how the Indian suppliers, buyers, and the overall B2B supply chain will shape up in the coming 100 years. We are glad to have Tiger Global, Sequoia India and Composite Capital, join us in the journey”, said Rahul Garg, Founder & CEO, Moglix.
“It is great to see how Moglix is on a major upsurge, growing at a rate of 300 percent year on year with an exuberant team. The funds will play a critical role in fueling our expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics, and building & owning a wide logistics infrastructure network. We foresee that there is immense strength and scope of innovation in the B2B commerce space and the sectors we operate in”, explained Garg.
The company is also starting an innovation garage called MIH (Moglix Innovation Hub) for B2B commerce and Supply chain. This initiative will focus on areas pertinent to the procurement domain – advance technology, SAAS platforms, fintech and logistics, to name a few. Moglix will continue to invest in young and dynamic EIRs (entrepreneur in residence) to execute these ideas. A sum of USD 5 MN has been set aside for MIH.
Qaisar
