Moglix, a leading Indian business-to-business (B2B) e-commerce startup has raised $12 million in a Series B funding led by International Finance Corporation (IFC), a member of the World Bank Group. Its existing investors, Jungle Ventures, Accel Partners, Shailesh Rao, ex-Vice President Twitter & Google and Venture Highway increased their investments. Also, California-based Rocketship.vc emerged on deck as a new investor.
Moglix which was founded in 2015 is also backed by the Tata Sons’ Chairman Emeritus Ratan Tata which was his first investment in any B2B e-commerce organisation.
With a previously raised Series A funding of $6 million, Moglix has in all raised $18 million.
The recent funding will be used by the company to broaden their scope into various manufacturing cores and improve its supply chain management technology.
Noida based company Moglix has five warehouses across National Capital Region (NCR), Chennai and Pune and offers various industrial products for businesses dealing with manufacturing. It is planning to expand itself in three more cities with the recent Series B capital. Currently, Moglix sells products of over 2000 brands from around 5000 sellers across 25,000 pin codes all over India. It has amalgamated with over 100,000 Small and Medium Enterprises (SMEs) and 2000 large manufacturing plants from various sectors including electrical, pharma and automotive.
Even though the industry is worth a whopping $300 billion, only 2-3% businesses use technologically advanced software to administer their supply string. It is one of the least digitised industries in India. With technology slowly replacing the traditional cash transactions, the demonetization of cash in circulation will give industries a boost to start using software for the same.
Moglix has recently launched GreenGST, a SAAS-based (software as a service) solution which aims to make the entire customer community GST-acquiescent. GreenGST will help people to file the GST, coordinate their invoices and manage dashboards for multiple warehouses. Priced at Rs. 5000 per month, GreenGST will be able to support 5,000 invoices along with its Enterprise Resource Planning (ERP) integration.
