Moglix, the B2B industrial tools and equipment marketplace has announced that it is raising $60 million latest funding as part of Series D round. Sequoia Capital and Tiger Global Management are leading the latest financing for the company.
The round also saw participation from Accel Partners, Jungle Ventures, IFC, Venture Highway, and Tata Sons Chairman Emeritus Ratan Tata. The International Finance Corporation, Neeraj Arora, and Bessemer Venture Partners are few of the other backers of the Singapore and Noida-based firm. Prior to this round, Moglix had raised an undisclosed sum earlier in the year when Flipkart CEO Kalyan Krishnamurthy had infused capital. The current infusion takes the total amount raised by the company close to $100 million.
Founded by Rohit Garg in 2015, the platform offers an e-commerce marketplace for marketing supplies such as MRO, fasteners, electrical, hardware, pneumatics and safety items. The company currently has its presence in locations such as Delhi NCR, Kolkata, Chennai, Pune, Ahmedabad, Mumbai, Aurangabad, and Pantnagar. It also had partnered with a number of Chinese and Taiwanese suppliers.
While speaking to ET, Garg, the CEO of the firm said, “India has a complex economy and infrastructure. A number of the country’s startups, along with the government, are actually building the backbone of the company We are living at a real time, and the efficiencies that have been delivered in consumer commerce will also come to B2B commerce.”
Scott Shleifer, partner at Tiger Global Management through a statement said that “We are excited to partner with Moglix, which is rapidly transforming procurement services for India’s B2B market. As an industry leader with a strong management team, Moglix is poised for continued strong growth."
Image Courtesy : MirrorReview