Moglix, a B2B e-commerce startup, has today raised its Series B round of funding, worth $12 million. The round saw participation from International Finance Corporation (IFC) and Rocketship.
Along with them, existing investors Accel Partners, Jungle Ventures, Shailesh Rao (ex-VP Twitter & Google), and Venture Highway have also participated in the round.
The company plans to use funds to support the strong demand for Moglix’s robust technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans.
With this new funding round, Moglix is also looking to launch in three more cities in India. It is currently present in Delhi NCR, Pune, and Chennai.
Commenting on the investment, Pravan Malhotra, Head Asia Internet Investments, IFC said, “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.”
Rahul Garg, founder & CEO, Moglix said, “We are delighted to welcome on board the team at IFC as well as Rocketship and appreciate the continued trust of our existing investors Accel Partners, Jungle Ventures, Shailesh Rao and Venture Highway. 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 digitization.”
Established in August 2015 by Rahul Garg, Moglix is focused on business and industrial supplies market. It is an e-commerce marketplace and specialises in B2B procurement of industrial products such as electricals, lighting, hardware and tools, broadly referred to as engineering goods.
The company currently claims to cater to more than 1 Lakh SMEs, and over 200+ large manufacturing houses in India. It reportedly has more than 2 Lakh stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and public sector undertakings (PSUs) including Lumax, IndiaForge, Havells etc.
The startup had previously raised seed funding round and a series A round of $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 $18 million.
Rahul Garg says that the global B2B ecommerce market is estimated to reach $7 Trillion by 2020, as it is twice as big as the B2C market. He adds that they are making strides to harness the potential of the market in India and other Asian countries.