Moglix Raises Rs 28 Cr in Series A Funding from Accel Partners, Jungle Ventures and SeedPlus
The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base by 5X to 100K+ and large manufacturing buyers to 1000+ in the next 18 months.
Moglix, leading B2B e-commerce company specializing in procurement of industrial products, today announced that it has raised INR 28 crores in Series A round of funding led by Accel Partners with participation from Jungle Ventures and SeedPlus. Founded in August 2015, Moglix is focused on technologically disrupting the B2B Industrial products space for suppliers and buyers across the globe. Moglix has raised Pre-Series A funding from Accel Partners and Jungle Ventures in October 2015 and an undisclosed financial investment in the company by Mr. Ratan Tata in February 2016.
Moglix caters to over 20,000+ SME buyers and 100+ large manufacturing houses through their platform. The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base by 5X to 100K+ and large manufacturing buyers to 1000+ in the next 18 months. Moglix recently expanded its operations in West India with the launch of Pune office to cater to manufacturing companies in Gujarat and Maharashtra. The company plans to expand its footprint to South and East India in the coming one year and is targeting $100M+ revenue in the next three years.
The company has also added Anurag Srivastava, Founding & Managing Partner, Jungle Ventures to its advisory board after this round. Anurag brings in extensive experience in the Asia-Pacific and India region working with startups in technology as well as manufacturing sector. In his role as an Advisor, Anurag will work with Moglix on product management and devising technology strategy for large manufacturing houses in the automotive industry.
Commenting on the funding, Mr. Rahul Garg, CEO & Founder, Moglix, said, “We are inspired by the confidence shown in us by Accel Partners, Jungle Ventures and SeedPlus. We see this as a testimony and validation of our leadership in the B2B procurement space and are excited about the disruption in the space in the coming years.We are thrilled to have Anurag on board as an advisor. Given his deep experience working with startups in the technology and manufacturing sector, his inputs will make a huge difference, as we scale Moglix rapidly.”
Moglix currently specializes in B2B procurement of industrial products such as MRO, Fasteners and Industrial Electricals and is playing an important role in facilitating online convenience and enabling supply chain efficiencies in business purchasing. The company is witnessing rapid growth and has partnered with 1500+manufacturers and distributors across these categories in India, China and Taiwan. Moglix currently has 2 Lakh + SKUs listed on the platform and serves some of the largest Auto, Electrical and PSUs in the country like Lumax, IndiaForge and Indian Oil. Recently, Moglix became part of the SAP startup studio program and is working closely with SAP on driving digital acceleration within manufacturing companies.
Rahul added, “Most of the manufacturing industries in India have remained low on technology adoption whether it is ERP, Procurement, Planning, Inventory management etc. The Make in India program when combined with the digital initiatives in the country have great potential to play a transformative role in India’s manufacturing sector. We believe that technology can be a strong factor in propelling the efficiency and scale for both procurement and sales of the organizations. 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”.
Speaking on the investment, Subrata Mitra, Partner, Accel Partners said, “Currently medium and large enterprises procure from 100s to 1000s of vendors, and the entire process is run on an ad-hoc basis. Moglix’s ability to induct technology into such a process is innovative and will lead to significant efficiencies. It’s also a large scale issue, and if solved well can create a formidable business.”
Anurag Srivastava, Founding & Managing Partner, Jungle Ventures who joined the Board of Moglix after this round added, “Moglix is one of the largest platform for industrial products in the country. Since its inception, Moglix has had a healthy, organic growth that is both sustainable and aggressive at the same time. I am honoured to join the board of a company. We believe Moglix will continue to lead the space in the future too and are excited with the growth path that the company is on.”
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