Accel Partners, Jungle Ventures And IFC Lead $23 Million Funding Round In Moglix

B2B e-commerce company Moglix on December 18 said it has raised $23 million in a round led by existing investors Accel Partners, Jungle Ventures and International Finance Corporation (IFC).

Moglix plans to utilize the funds for expansion besides beefing up its logistics network and supply chain.

“The fund will play a critical role in fueling our expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics and building 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 now focussed on our next phase of growth across diverse markets and going forward, we will continue to bring in new talent and strengthen our talent base,” said Rahul Garg, founder and CEO, Moglix.

With this current round, the total amount of fund raised by Moglix stands at 4 41 million.
With over 450 people, the company currently operates across 10 centers in India and caters to both institutional customers (B2B) and individual customers (B2C). It works with over 400 large manufacturing clients and over 2, 50,000 Small and Medium scale Enterprises (SMEs).

A recent report by SPO states that the Indian B2B market is currently worth $300 billion and is estimated to grow to $700 billion by 2020.

“Indian government has a strong focus on using technology to transform traditional sectors such as logistics, supply chain and manufacturing. By backing clients such as Moglix, who operate in the B2B commerce market, IFC is supporting technology-led solutions that bring process and cost efficiencies and move businesses to new growth trajectories and deliver strong investor returns,” said Pravan Malhotra, head, Asia Internet and Southeast Asia Investments,  IFC. – Money Control