HK's Composite Capital also participated in Moglix's latest round
The company's backers include Flipkart CEO Krishnamurthy, Accel Partners and IFC
Moglix is now valued between $200 Mn - $300 Mn
B2B industrial goods marketplace Moglix has raised $60 Mn (approximately INR 412 Cr) in its latest round led by Tiger Global Management and Sequoia Capital. Hong Kong-based Composite Capital joined the funding round as a new investor for MogliLabs, the company behind Moglix.
The company said it is now valued between $200 Mn-$300 Mn, and the latest funding round comes after Moglix had raised an undisclosed amount from Kalyan Krishnamurthy, CEO of Flipkart. In December last year, the Noida-based company had raised a Series C round of $23 Mn (INR 160 Cr) to strengthen its B2B distribution network and supply chain across India and expanding into new market segments. Venture capital fund Accel Partners and IFC which is a part of the World Bank Group participated in the December Series C funding round for Moglix.
Moglix was founded in 2015 by Rahul Garg. The startup procures and supplies safety tools, hardware, office supplies and more to the industries. It is an ecommerce marketplace for different kinds of industrial tools such as power tools, hand tools, adhesives, safety and security and electricals. The startup counts investors such as Accel Partners, Jungle Ventures, Venture Highway and International Finance Corporation (IFC), Shailesh Rao and InnoVen Capital as its existing backers.
Currently, Moglix is working across 14 locations in India and is looking to expand to 22-25 industrial hubs, according to the report. It caters to both institutional customers (B2B) and individual customers (B2C) in the manufacturing sector. It currently focuses on the automotive, metals, mining, and fast-moving consumer durables (FMCD) markets. Moglix is targetting manufacturing companies which have a turnover between $15.5 Mn (INR 100 Cr) to $1.5 Bn, and it’s also looking to bring Small and Micro Enterprises (SMEs) on board to automate and scale up their supply chain.
“We will be investing heavily in infrastructure, warehousing, logistics. We will be building fulfilment centres and warehouses, and establish operations at these locations. Today, we are sitting on 75,00 square feet of warehousing, and will get to 200,000-250,000 square feet in the first phase,” Garg was quoted as saying.
