1. Moglix raises $12 million in series B round

Moglix raises $12 million in series B round

B2B industrial goods marketplace start-up Moglix has raised $12 million in a series B round of funding that saw participation from by International Finance Corporation, Rocketship along with Moglix’s existing investors Accel Partners, Jungle Ventures, and others.

By: | Bengaluru | Published: July 7, 2017 4:50 AM
Moglix, Moglix news, Moglix latest news, Moglix funding Founded in 2015, Moglix had earlier raised funding of million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. (Reuters)

B2B industrial goods marketplace start-up Moglix has raised $12 million in a series B round of funding that saw participation from by International Finance Corporation (IFC), Rocketship along with Moglix’s existing investors Accel Partners, Jungle Ventures, and others. Moglix that is also backed by Tata Sons’ chairman emeritus Ratan Tata since its inception, said that the funds will be used to strengthen its technology solution in supply chain and manufacturing domain, and to further its infrastructure growth and geographical expansion plans. Moglix in a statement said that manufacturing sector in India is the least digitised industry compared to other sectors in India with barely 2-3% of manufacturing units using digital platforms in their supply chain management. Moglix’s solutions cater to more than one lakh small and medium sized enterprises and over 200 large manufacturing houses in India. Founded in 2015, Moglix had earlier raised funding of $6 million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. With this current round, the total amount of fund raised by Moglix stands at $18 million.

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