In what will be a stamp on the company’s growing business, B2B marketplace Moglix has found fresh investment frmo Flipkart CEO and formal Tiger Global leader, Kalyan Krishnamurthy. Moglix already counts the likes of Accel Partners, Tata Group chairman emeritus Ratan Tata among others as its investors.
This is Krishnamurthy’s first individual backing of a company in the B2B e-commerce space. Moglix is a B2B marketplace, that was in the investment news rather recently, when it raised close to $23 Million in a Series C round.
Krishnamurthy said in a statement, “I am happy to join the Moglix team as an investor in my personal capacity. Moglix, under Rahul’s leadership, has charted impressive growth in the B2B commerce space and is creating meaningful impact on the manufacturing industry through innovative use of technology. It is gratifying to be able to support this home-grown industrial B2B leader at this important juncture.”
While penning an exclusive piece on The Tech Portal, Moglix founder Rahul Garg had mentioned the scope in India’s ever-expanding SMB segment. India has about 50 million SMBs employing 120 million people. These SMBs account for 37 percent of India’s GDP but an overwhelming 68 percent of the SMBs don’t have a presence in the digital world.
Research further suggests that India’s B2B ecommerce market will likely assume a size that will be double the estimated $200 billion market of B2C e-commerce by 2026. Technological disruptions however remain key with a vast majority of the existing B2B market still in the unorganized space in India.
Firoz joins The Tech Portal to report on all stuff that relates to developers and their community. He is actively involved in multiple startups, helping them build and develop modern web products.