Moglix, a business-to-business startup that specializes in procurement of industrial products, has announced that it has joined “SAP Startup Studio“. SAP Startup Studios is a 12-month accelerator program launched by SAP Labs India. The program is dedicated to drive entrepreneurship in India.
Germany-based SAP launched a 75-seat incubator at its SAP Labs India Whitefield campus last month. The program aims to provide mentoring, infrastructure and technology support to early-stage startups.
As a part of the program, Moglix will receive mentorship, access to technology, infrastructure, and business consulting from SAP Startup Studio. The accelerator program will also enable Moglix to boost the B2B e-commerce disruption in India at an even larger scale.
The company, founded in August 2015, has focused on technologically disrupting the B2B Industrial products space for suppliers and buyers across the globe. Moglix’s end-to-end procurement marketplace is being built to provide product discovery, price negotiation, logistics, and payment/escrow capabilities.
As per the company, it is witnessing rapid growth and has partnered with more than 1,000 manufacturers and distributors across various categories in India, China and other Asian countries. Within a span of just 2 years, the startup is aiming to serve manufacturing companies with cumulative turnover of more than $30 billion i.e 10% of the Indian manufacturing sector.
Moglix currently specializes in B2B procurement of industrial products such as MRO, fasteners and industrial electricals. It is also playing an important role in facilitating online convenience and enabling supply chain efficiencies in business purchasing.
Earlier, Moglix had raised an undisclosed amount of funding from Ratan Tata. It had also raised Pre-Series A funding round from Accel Partners and Jungle Ventures. The funds are being used to enhance the technology platform, build a deep supplier base as well as increase marketing spends across Asia.
Commenting about this development, Rahul Garg, Founder and CEO of Moglix, said,
We are extremely pleased to be a part of SAP’s accelerator program. We are confident that it is going to benefit us immensely, as we will not only be working closely with SAP but will also have access to SAP’s huge ecosystem of customers and partners. Further, the mentoring and guidance will significantly help us in diversifying and steering the next stage of growth for our company.