Global Marketplace from India and Singapore for Business and Industrial supplies Moglix, has raised its pre Series A round of funding from Accel Partner and Jungle Ventures. The raised funding will be used to enhance the technology platform, widen its existing merchant base across Asia and roll out new product features. It aims to sell into 100+ countries globally. The company will focus on the $1 trillion+ worth Business and Industrial Supplies Market.
Founded in 2015 by Rahul Garg, a former Google employee, Moglix currently focusses on Business and Industry Supplies which include Electricals, Lighting, Hardware and Tools broadly referred as Engineering Goods. The company has around 200+ brands on board. Some of the companies selling products on the platform are Havell’s, Larsen and Toubro, C&S Electric, Anchor, Bajaj, Unbrako, Caparo, Ambika and Taparia.
Moglix is also partnering with manufacturers across India, China, Taiwan and other Asian countries. It delivers to over 10,000 pin codes serviceable across India. The startup has partnered with Delhivery and Blue Dart to fulfil its delivery orders.
Rahul Garg, CEO & Co-Founder of Moglix, said, “Accel’s deep knowledge of the Indian and US eCommerce markets having led Flipkart and Etsy as well as their global presence will benefit Moglix immensely. On the other hand, Jungle which has been pioneer in enabling companies to expand across Asia / globally will help us to establish a strong pan-Asia presence. We are on a unique journey of creating the 1st ever global marketplace from South Asia in this category.”
The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24% of the Indian exports worth $300 billion+. Hence, this market has also been a strong focus area for Make In India initiatives. A large part of this trade remains offline and happens via traditional B2B channels, while the buyers are increasingly moving online.