India’s largest and fastest-growing B2B Commerce, Moglix Raises $60 MN in a Series D round of funding
Moglix, India’s largest and fastest-growing B2B commerce company, transforming the procurement practices across India, today announced the closing of Series D round of funding of USD 60 Million. The round led by Tiger Global also saw participation by Sequoia India and Composite Capital. The company’s current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons’ Chairman Emeritus Ratan Tata.
The Indian indirect purchase market is currently worth $50 billion-plus and is estimated to grow to $100 billion by 2025. Moglix is leading the transformation in the space of indirect purchase by reimagining B2B commerce and investing heavily in technology-first innovations.
The funds will be deployed to create industrial distribution centers across India to cover all 25+ 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.
The company is also starting an innovation garage called “Moglix Innovation Hub (MIH)” for B2B commerce and Supply chain. This initiative will focus on areas pertinent to the procurement domain - advance technology, SAAS platforms, fintech and logistics, to name a few. Moglix will continue to invest in young and dynamic EIRs (entrepreneur in residence) to execute these ideas. A sum of USD 5 MN has been set aside for MIH.
Rahul Garg, Founder & CEO, Moglix said, “We are excited to lead procurement transformation, building the right kind of distribution model for Modern India. I believe this change will impact how the Indian suppliers, buyers, and the overall B2B supply chain will shape up in the coming 100 years. We are glad to have Tiger Global, Sequoia India and Composite Capital, join us in the journey. It is great to see how Moglix is on a major upsurge, growing at a rate of 300 percent year on year with an exuberant team. The funds will play a critical role in fueling our expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics, and building & owning a wide logistics infrastructure network. We foresee that there is immense strength and scope of innovation in the B2B commerce space and the sectors we operate in.”
"We are excited to partner with Moglix, which is rapidly transforming procurement services for India's B2B market. As an industry leader with a strong management team, Moglix is poised for continued strong growth” said Scott Shleifer, partner, Tiger Global Management.
Tejeshwi Sharma, Principal, Sequoia Capital India Advisors, said, “We believe that technology will play a crucial role in upgrading supply chain in India for the 21st century. Moglix is building two unique assets simultaneously - physical infrastructure and a direct-to-enterprise distribution - to re-imagine indirect procurement in India. Sequoia India has been tracking the company for a while and is inspired by its commitment to this space. Rahul and his team have an audacious vision and it’s a delight to partner with them in building what could be a foundational business for India’s economy.”
David Ma, Founder, Composite Capital said, “We are excited to partner with the Moglix team as they pioneer modern, technology-enabled solutions for B2B commerce. GST reform is accelerating the pact of change in Indian business and Moglix continues to be the leader in providing industry-leading solutions for procurement.”
The current board of Moglix, consisting of Subrata Mitra, Accel Partners and Anurag Srivastava, Jungle Ventures said, “With businesses becoming globally competitive, implying decisions at the speed of thought, Technology-first thinking and innovation is the new norm in any industry. Moglix continues to bring disruptive changes into the manufacturing sector at a remarkable clip. It gives us immense pleasure to be a part of the journey since its inception, and we welcome the new investors on board.”