Online business-to-business (B2B) industrial goods platform, Moglix has now secured $23 million in a funding round of Series C. The round has been led by Jungle Ventures, Accel Partners, and International Finance Corporation, the private sector investment arm of the World Bank.
Other investors to participate in the funding round include VentureHighway, Shailesh Rao, the former Google and Twitter executive, and Venture Debt firm InnoVennCapital. With the latest round of funding, the total amount secured by Moglix now stands at $41 Million.
Founded by Rahul Garg, Moglix is a startup which is operated by Noida-based MOGLILABS Pvt Ltd. The company is going to utilize the newly acquired funds for expanding its footprint to newer regions, along with increasing its logistics network and supply chain across India
The company is also planning to ramp up its integrated digital supply chain technology solutions by leveraging machine learning and data science capabilities.
Talking about the funding and the future plans of the company, Rahul Garg, the founder and CEO of Moglix said, “The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in our focus areas such as technology innovation, analytics and building a wide logistics infrastructure network.”
Garg also added that a lot of scope for innovation exists in the B2B commerce space and the sectors in which Moglix operates. “We are now focused on our next phase of growth across diverse markets. We will continue to bring in new talent and strengthen our talent base,” he said.
Picture Credits: Moglix