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Moglix raises $60 mln funds
Business

Moglix raises $60 mln funds

Agency News

New Delhi, Jul 11 : Moglix, a B2B commerce company, on Thursday announced raising of 60 million dollars funds in a series D round.

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 more than 50 billion dollars and is estimated to grow to 100 billion dollars 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. The company 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 5 million dollars has been set aside for MIH. (UNI)