Moglix, a B2B e-commerce start-up on Thursday announced the closing of Series B round of funding at USD 12 Million. 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 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 funds will be allocated to support the demand for Moglix's robust technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans.
Manufacturing sector in India is the least digitised industry compared to other sectors in India. Today, barely two to three percent of manufacturing units are using digital platforms in their supply chain management. With this investment, Moglix is looking to propel the digital revolution of India's manufacturing sector with its integrated digital supply chain solution and aiming to launch in three more cities in India apart from its current presence in Delhi NCR, Pune and Chennai.
Moglix's solutions cater to more than one lakh small and medium-sized enterprises (SMEs), and over 200 large manufacturing houses in India. Moglix currently has more than two lakh stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and public sector undertakings (PSUs) in the country including Lumax, IndiaForge and Havells.
With the recent implementation of the Goods and Services Tax (GST) and the move towards a cashless economy, Moglix is well-poised to cater to more customers in the days to come. Recently, Moglix also launched GreenGST, a unique solution for the manufacturing sector that will make the entire customer ecosystem GST compliant and future-ready, marking another milestone towards its commitment to the space.
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.
The announcement is significant since the investment has been raised at a time when there is heightened uncertainty and deteriorating business confidence overshadowing the start-up ecosystem.
"According to a recent industry report, the global B2B e-commerce market is estimated to reach USD 7 trillion by 2020, as it's twice as big as the B2C market. 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 digitisation," said Rahul Garg, Founder and CEO, Moglix.