Ratan Tata-backed B2B e-commerce startup Moglix announced its expansion to Mumbai and Ahmedabad to cater to the market of Western India. Currently, Moglix is headquartered in Singapore and is present in Noida, Gurgaon, Chennai and Pune. Earlier this year in July, Moglix raised Series B round of funding of USD 12 Million from International Finance Corporation (IFC), a member of the World Bank Group, Rocketship vc., and existing investors Accel Partners, Jungle Ventures and Venture Highway, and had mentioned expansion as one of the key drivers for business growth.
According to Moglix, its solutions cater to more than one lakh small and medium-sized enterprises (SMEs), and more than 250 large manufacturing houses in India. Moglix currently has more than three lakh stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and integrated manufacturing enterprises in the country including Lumax, IndiaForge, Havells, Vedanta, etc. With the roll-out of GST, Moglix has also launched GreenGST, a SAAS-based solution for the manufacturing sector.
“We are excited to cover newer locations to our ever growing network and are indeed very encouraged by the trust our customers and business partners place in us. Our primary objective has always been to digitise and simplify the supply chain in the sector we operate in conjunction with domain knowledge of the industry and create customer oriented organisation. Currently, Moglix operates out of 6 locations with its JIT (Just in Time) centers in India catering to the length and breadth of the country and has current employee strength of over 250 talented people. As of now, we are barely scratching a small percentage of the manufacturing industry and aspire to cover many more land and states by the turn of 2018. We want to expand our presence in Kolkata and Bangalore by March 2018 and focus on servicing the industrial clusters of automotive, steel, chemical and more, for better efficiencies for all,” stated Rahul Garg, Founder & CEO, Moglix.
Founded in 2015, Moglix had previously raised Seed and Series A funding of $6 million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. With Series B, the total amount of fund raised by Moglix stands at $18 million.