B2B ecommerce major Moglix has announced its foray in UK and other European markets, marking its first big international expansion. The details of the expansion are currently bit hazy, since it is still not known which European markets Moglix will be entering (apart from UK).
Techpluto will try to reach Moglix and will be updating this news as soon as we’ve latest news on this.
The Noida headquartered company’s timing of international expansion is bit surprising. Mainly because it has come at adverse period when entire Europe is under lockdown to contain the spread of COVID-19. In fact, U.K has been one of the worst-hit regions by coronavirus, reporting almost 16,000 deaths till today.
According to Business Today, Moglix along with other startups and VCs had signed a letter and approached the Finance Ministry for seeking financial package to deal with COVID-19 impact. This letter was also reportedly signed by CII Startup Council and Indian Angel Network.
The ongoing nationwide lockdown, which has continued for almost a month now, has washed away the profits of several promising startups.
However, Moglix is comparatively in much better position than most of its competitors to deal with lockdown’s adverse impact. Being one of the well-funded startups in the B2B e-commerce space, the startup has pretty deep-pockets to weather the current storm.
Last year, the Noida based company had raised whopping $60 Mn from Tiger Global, Sequoia Capital and other investors. The company so far has raised nearly$100 Mn through multiple rounds. Its other high profile investors include Accel Partners, Jungle Ventures, Venture Highway and International Finance Corporation. Tata’s former chairman Ratan Tata also happens to be one of the renowned investors in this young company.