Moglix, an eCommerce company specializing in B2B procurement of industrial products, has raised an undisclosed amount of funding led by Ratan Tata. This is the sixth investment by Tata in this year.
Founded in August 2015 by Rahul Garg, a former Google employee with experience in building global products and running sales across Asia, Moglix is focused on technologically disrupting the B2B Industrial products space for suppliers and buyers across the globe. The company currently specializes in B2B procurement of industrial products such as MRO, Fasteners and Industrial Electricals and is partnering with manufacturers and distributors across these categories in India, China and other Asian countries. Moglix is also playing a role in facilitating online convenience and enabling supply chain efficiencies in business purchasing.
The firm recently raised Pre-Series A funding from Accel Partners and Jungle Ventures. The funds are being used to enhance the technology platform, build a deep supplier base as well as increase marketing spends across Asia.
As the Government is aggressively driving manufacturing growth in India through the Make in India and Digital India campaigns, Moglix is passionate about steering the company to build on the initiatives. The company said that it is focused on bringing technology and manufacturing together to drive transparency, efficiency and scale for manufacturing companies within India, making them globally competitive and enabling the use of technology for procurement, sales and marketing, supply network optimization in both domestic and global markets.
Rahul Garg, CEO and Founder of Moglix, said, “The Make in India program when combined with the digital initiatives in the country have great potential to play a transformative role in India’s manufacturing sector. We need to attract young entrepreneurs to commit to the “Make in India” initiative for it to succeed.”