The funds raised by Moglix will be deployed to expand operational footprint across major industrial hubs and increase SME customer base.
Ratan Tata backed B2B e-commerce statrup, Moglix has raised Rs 28 crore in Series A round of funding led by Accel Partners with participation from Jungle Ventures and SeedPlus, said a statement from Moglix.
The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base and large manufacturing buyers in the next 18 months, said company.
Moglix, which recently expanded its operations in West India with the launch of Pune office to cater to manufacturing companies in Gujarat and Maharashtra, plans to expand its footprint to South and East India in the coming one year and is targeting over $100 million revenue in the next three years.
With this investment, Anurag Srivastava, founding and managing partner of Jungle Ventures has joined Moglix advisory board. A statement from Moglix said that Anurag would work with Moglix on product management and technology strategy for large manufacturing houses in the automotive industry.
Noida-based, Moglix deals in B2B procurement of industrial products such as MRO, fasteners and industrial electricals. The company has partnered with over 1500 manufacturers and distributors across these categories in India, China and Taiwan. It claims that it has over 2 Lakh SKUs listed on the platform and serves some of the largest auto, electrical and PSUs in the country like Lumax, IndiaForge and Indian Oil.