The Ratan Tata-backed industrial products B2B startup, Moglix, is foraying into Eastern India to tap the Indian market in this sector, which is expected to grow from the existing $300 billion to $700 billion by 2020.

Moglix is currently present across six locations, namely, Delhi/NCR, Chennai, Mumbai, Pune, Ahmedabad and Kolkata and has added two new centres recently, Aurangabad, Maharashtra, and Pant Nagar, Uttarakhand.

It plans to increase its hiring by 30 per cent across functions in FY19, Rahul Garg, Founder-CEO, said in a statement here on Tuesday. The start-up currently has an employee strength of 350 across locations.

Moglix’s solutions cater to more than 2.20 lakh small and medium-sized enterprises (SMEs), and over 350 large manufacturing houses in India. It has more than three lakh stock-keeping units (SKUs) listed on its platform, and serves over 20,000 pin codes in the country. There are 4.8 crore SMEs that need to secure bulk supplies.

Moglix, which plans to set foot in five new locations across India by 2019, is growing at the rate of 300 per cent year-on-year. “We aim to be EBITDA-positive in the next two years and make a $100-billion impact on the Indian economy,” he said.

Some of the industry stalwarts in the advisory board of the company include Jeff Epstein, Ex-CFO of Oracle, and Shailesh Rao, former Vice-President of Twitter and Google.

Founded in April 2015 by Rahul Garg, former Head of Advertising Exchange at Google Asia, Moglix specialises in B2B procurement of industrial products such as MRO, fasteners, electrical, hardware, pneumatics and safety items. So far, this marketplace has raised nearly $18 million from International Financial Corporation (IFC), Accel Partners, Jungle Ventures, Venture Highway, SeedPlus and Rocketship.vc.

Ratan Tata, Chairman Emeritus, Tata Sons, is an investor in Moglix, which is a part of the first cohort of start-ups incubated by SAP Startup Studio, and supported by Bernd Leukert, Member of the Executive Board, SAP.

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