Moglix, B2B online platform, backed by Ratan Tata has raised approximately ₹80.3 crore in series-B round of funding. The firm has attracted funds from World’s Bank investment arm, International Finance Corporation (IFC) and Rocketship.vc. The investment from these firms will help company to grow its geographical presence in North India over the next six months.
Moglix is a business-to-business (B2B) online platform which is specialized in online selling of industrial products such as MROs, power tools, fasteners, electrical devices and industrial lubricants. It lists products from 1 lakh small and medium enterprises, over 200 large enterprises such as Haveli’s, India Forge and others.
Rahul Garg, founder of Moglix said “Close to 70% of our business revenue is focussed on mid-to-large enterprises. We will also invest in our software product or SaaS platform through which enterprises can fulfill digital procurement and our commerce engine.We also launched our GST solution `Green GST’ for SMEs and enterprises to help them become compliant recently and are not looking at it as a revenue stream yet”.
The startup is currently funded by Accel Partners, Jungle Ventures, former vice-president of Twitter Shailesh Rao, and Venture Highway.