Moglix, a B2B e-commerce company which specializes in procurement of industrial products, has today announced that it has raised Rs. 28 crores in Series A round of funding, led by Accel Partners. The round also saw participation from Jungle Ventures and SeedPlus.
As a part of the deal, Anurag Srivastava, founder & Managing Partner, Jungle Ventures, has been appointed to the company’s advisory board. 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, he will work with Moglix on product management and devising technology strategy for large manufacturing houses in the automotive industry.
The funds raised in this round will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base and large manufacturing buyers to 1000+ in the next 18 months. The company recently expanded its operations in West India with the launch of Pune office to cater to manufacturing companies in Gujarat and Maharashtra. Furthermore, it is targeting $100 Million+ revenue in the next three years.
Commenting on the funding, 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.
Founded in August 2015, Moglix is focused on technologically disrupting the B2B Industrial products space for suppliers and buyers across the globe. Earlier, the company has raised Pre-Series A funding from Accel Partners and Jungle Ventures in October 2015. The company has also received an undisclosed investment from Ratan Tata in February this year.
Moglix caters to more than 20,000+ SME buyers and 100+ large manufacturing houses through their platform. It 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 claims to be witnessing rapid growth and has partnered with 1500+manufacturers and distributors across these categories in India, China and Taiwan. It 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.
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.