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Ratan Tata-backed B2B e-commerce company Moglix has raised $23 million (₹ 163 crore approximately) in Series C funding led by existing investors 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 $41 million (₹ 291 crore), a company statement said.
The fresh funds will be used to expand operations in 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.
Rahul Garg, Founder & CEO, Moglix said, “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.”
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.
Moglix was Tata Sons’ Chairman Emeritus Ratan Tata’s 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.
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