Chairman emeritus of Tata Sons, Ratan Tata, has invested an undisclosed amount in Moglix, a firm that procures industrial products. This is Tata’s sixth investment in start-ups this year, and his first in a B2B company.
Started in 2015 by Rahul Garg, a former Google employee, Moglix claims to be a technologically disruptive company in B2B industrial products space. It recently raised a pre-series A round 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.
“With his expertise and keen interest in the sector, Mr Tata will play an important role in mentoring Moglix on business growth, global expansion and leadership,” the company said in a statement.
“We are extremely pleased to have an icon of Indian manufacturing as our advisor. Mr Tata’s contribution to the manufacturing sector has been inspirational and we look forward to his guidance as we steer the company towards transforming the buying and selling process for manufacturers in the country. We are confident that Mr Tata’s role as an investor and mentor will help us gain a strong foothold in the sector and realize our vision,” said Rahul Garg, CEO and founder, Moglix.
Moglix partners with manufacturers across India, China and other Asian countries. Its procurement marketplace provides product discovery, price negotiation, logistics, and payment/escrow capabilities.
In the past year investors including angels have shown interest in the other-wise overlooked space of B2B. Industrialist Nandan Nilekani invested an undisclosed amount in Power2SME this year.