The company is also starting an innovation garage called 'Moglix Innovation Hub (MIH)' for business-to-business (B2B) commerce and supply chain.
B2B commerce firm Moglix Thursday said it has closed a funding round of USD 60 million (about Rs 410 crore), led by investment firm Tiger Global. The series-D round also saw participation from Sequoia India and Composite Capital, a statement by the company said. The company’s current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons Chairman Emeritus Ratan Tata, it added.
“The funds will be deployed to create industrial distribution centres across India to cover all 25-plus major hubs for manufacturing by May 2020. Moglix will continue to invest in tech-first strategies to further disrupt the supply chain and procurement domain across verticals, making touchless, seamless indirect procurement a reality for the Indian market,” it said.
The company is also starting an innovation garage called ‘Moglix Innovation Hub (MIH)’ for business-to-business (B2B) commerce and supply chain. Under the initiative, Moglix will continue to invest in young and dynamic EIRs (entrepreneur in residence) to execute these ideas and has set aside a sum of USD 5 million for MIH, the statement said.
“The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in our focus areas such as technology, innovation, analytics, and building and owning a wide logistics infrastructure network,” Moglix founder and Chief Executive Officer Rahul Garg said.