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Moglix, a B2B e-commerce start-up in the supply chain and manufacturing segment, has raised $12 million in Series B round from International Finance Corporation (IFC), a member of the World Bank Group and Rocketship.vc.
Founded in 2015, Moglix had previously raised Seed and Series A funding of $6 million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. With this current round, the total amount of fund raised by Moglix stands at $18 million.
Existing investors also participated in the fresh round.
Moglix, which is also backed by Tata Sons’ Chairman Emeritus Ratan Tata since its inception, said that it will use the funds to support the strong demand for Moglix’s robust technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans.
Rahul Garg, Founder & CEO, Moglix said, “We are delighted to welcome on board the team at IFC as well as Rocketship and appreciate the continued trust of our existing investors Accel Partners, Jungle Ventures, Shailesh Rao and Venture Highway. The funding will accelerate our infrastructure build-up to better serve our customers, and enhance our product offerings as the manufacturing and supply chain industry heralds towards digitisation.''
Digital revolution
Manufacturing sector in India is the least digitised industry compared to other sectors in India, Garg said adding that , barely 2-3% of manufacturing units are using digital platforms in their supply chain management.
With this investment, Moglix is looking to propel the digital revolution of India’s manufacturing sector with its integrated digital supply chain solution and aiming to launch in 3 more cities apart from its current presence in Delhi NCR, Pune & Chennai.
Moglix solutions
Moglix’s solutions cater to more than one lakh small and medium-sized enterprises (SMEs), and over 200 large manufacturing houses in India.
Currently it has more than two lakh stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and public sector undertakings (PSUs) in the country, including Lumax, IndiaForge, and Havells.
The company specialises in digital procurement of industrial MRO items and aims to utilise the funds to expand geographically across multiple industrial hubs in India.
GST implementation
With the recent reforms of GST implementation and move towards a cashless economy, Moglix is well-poised to cater to more customers in the days to come.
Recently, Moglix also launched GreenGST, a unique solution for the manufacturing sector that will make the entire customer ecosystem GST compliant and future-ready, marking another milestone towards its commitment to the space, according to the statement.
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