Bengaluru: Top-tier B2B e-commerce company Moglix raises Rs. 28 Crores in series A funding led by Accel Partners with participation from Jungle Ventures and SeedPlus. The funding intends to be deployed in expanding operational track across major industrial hubs, increase the SME customer base by 5X to 100K+ and large manufacturing buyers to 1000+ in the next 18 months.
Earlier Moglix had raised undisclosed amount in funding from Ratan Tata in February 2016 and Pre-Series A funding from Accel Partners and Jungle Ventures in October 2015. Following the recent funding, the company has added Anurag Srivastava, Founding & Managing Partner, Jungle Ventures to its advisory board. Holding immense experience in technology and manufacturing sector, Anurag will be working with Moglix on product management and formulating technology strategy for large manufacturing houses in the automotive industry.
Commenting on the joining of the Moglix advisory board, Anurag asserts, “Moglix is one of the largest platforms 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 honored 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.”
Founded on 2015 by Rahul Garg, Moglix caters as a one-stop shop for industrial tools like hand & power tools, electrical & safety equipment. Catering to over 20,000+ SME buyers and 100+ large manufacturing houses through their platform, Moglix became part of the SAP startup studio program and is working closely with SAP on driving digital acceleration within manufacturing companies. The entity intends to technologically disrupt the B2B Industrial products space for suppliers and buyers across the world. Going forward, the entity plans to expand its footprint to south & east India and is targeting $100M+ revenue in the next three years.
Speaking on the funding, Rahul Garg, CEO & Founder, Moglix, says, “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.”