Moglix, India’s fastest and largest B2B commerce company raises $23 million
Chennai, 18 December, 2018: Moglix, India’s largest and fastest growing B2B commerce company, transforming the procurement function across industries announced the closing of Series C round of funding at USD 23 Million. The funding round was led by existing investors viz. Accel Partners, Jungle Ventures and International Finance Corporation (IFC), members of the World Bank Group. Venture Highway, Shailesh Rao and InnoVen Capital were also part of the process. With this current round, the total amount of fund raised by Moglix stands at USD 41 Million.
Sharing details about the funding, Rahul Garg, Founder & CEO, Moglix said, “We are excited and appreciate our partners, IFC, Accel and Jungle Ventures for the trust they have put in us. This has helped us clock robust business growth right since our inception. It is heartening to see how Moglix is on a major upsurge, growing at a rate of 400 percent year on year with an exuberant team. The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in our focus areas such as technology innovation, analytics and building a wide logistics infrastructure network. We foresee that there is immense strength and scope of innovation in the B2B commerce space and the sectors we operate in. We are now focussed on our next phase of growth across diverse markets and going forward, we will continue to bring in new talent and strengthen our talent base.”
The company plans to deploy the raised fund to expand to newer markets and geographies besides increasing its logistics network and supply chain across India. The company also continues to beef up its integrated digital supply chain technology solutions with data science and machine-learning capabilities.
Moglix was recently recognised as the fastest growing company in APAC (ex-China) by Deloitte’s Technology Fast 500 Asia Pacific Program. With a robust team comprising of over 450+ people, the company currently operates across 10 centres in India and caters to both institutional customers (B2B) and individual customers (B2C). It works with over 400+ large manufacturing clients and over 2, 50,000 Small and Medium scale Enterprises (SMEs). The team has successfully built a network of over 5000+ SME and big suppliers across 25 states in India and brought them on a digital supply chain platform.
A recent report by SPO states that the Indian B2B market is currently worth $300 billion and is estimated to grow to $700 billion by 2020. Today, Moglix has the biggest market share in this space and is all set to capture an even bigger market share by 2020, including its international presence.
Since its inception, Moglix has been supported by Tata Sons’ Chairman Emeritus, Mr Ratan Tata, as his maiden investment in B2B e-commerce domain. In three years, Moglix has expanded across all major manufacturing hubs and aims to tap all major industrial hubs across India. The company also plans to explore and expand in international markets by next year.
Anurag Srivastava, Founding & Managing Partner, Jungle Ventures said, “With businesses becoming globally competitive and decisions taken with the speed of thought, automation is the new keyword for any industry. Moglix has been performing commendably for the manufacturing sector and we are delighted to be a part of their success story. Our investment is a testament of our trust in the brand.”
Subrata Mitra, Accel Partners commented: “Rahul & his team continue to build Moglix into one of the fastest growing B2B platform in India. We are fortunate to have partnered with the company right from its initial days and believe that they have identified a massive opportunity that can even be expanded globally. Moglix has the potential to become one of India’s seminal companies in the near future.”
Pravan Malhotra, Venture Capital team, IFC, said, “Indian government has a strong focus on using technology to transform traditional sectors such as logistics, supply chain and manufacturing. By backing clients such as Moglix, who operate in the B2B commerce market, IFC is supporting technology-led solutions that bring process and cost efficiencies and move businesses to new growth trajectories and deliver strong investor returns. Moglix’s achievements and expansion have been spectacular and we are happy to be a part of their success story.”
Ankit Agarwal, Director, InnoVen Capital, said, “We are very excited to see such a rapid adoption of Moglix platform solution by enterprises as a one stop solution for all procurement and tax compliance matters given the extremely fragmented and offline nature of the industry.”