Ratan Tata backed Moglix joins SAP start-up accelerator program

Aims to focus on manufacturing companies with cumulative turnover of more than $30 billion in the coming 2 years.

Ratan Tata backed Moglix joins SAP start-up accelerator program
Joining industry peers in supporting Army's surgical strikes on terror launch pads across the Line of Control, veteran industrialist Ratan Tata has congratulated the armed forces over their 'successful retaliatory action'. (PTI)

Ratan Tata backed, home-grown B2B e-commerce firm Moglix has joined a 12-month start-up accelerator program launched by SAP Labs India. Under this program, SAP Labs is establishing a dedicated program to drive entrepreneurship in the country and Moglix will receive mentorship, access to technology, infrastructure, and business consulting from SAP Startup Studio.

Last month, German enterprise software maker, SAP has launched a 75-seat incubator at its SAP Labs India Whitefield campus to provide mentoring, infrastructure and technology support to early-stage startups in India under its SAP Startup Studio programe.

With SAP’s strong market share in the manufacturing sector in the country and Moglix’s focus on bringing technology and commerce together, the accelerator program will enable Moglix boost it presence in the B2B e-commerce space, said a statement from the company.

Also Read: Ratan Tata invests in B2B marketplace Moglix

Founded in August 2015, Moglix deals in B2B industrial products for suppliers and buyers through its online platform. According to company, it is witnessing rapid growth and has partnered with 1000+ manufacturers and distributors across these categories in India, China and other Asian countries.

Under SAP start-up accelerator program, Moglix aims to focus on manufacturing companies with cumulative turnover of more than $30 billion, which is 10% of the Indian manufacturing sector, in the coming 2 years.

Moglix currently specialises in B2B procurement of industrial products such as MRO, Fasteners and Industrial Electricals and is also playing an important role in facilitating online convenience and enabling supply chain efficiencies in business purchasing.

The company has raised an undisclosed financial investment from renowned industrialist, Ratan Tata and Pre-Series A funding from Accel Partners and Jungle Ventures.

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First published on: 01-07-2016 at 20:14 IST