Moglix secured $60 million funding

MogliLabs, which owns and operates Business 2 Business industrial goods marketplace Moglix, has now secured $60 Million in the funding round of latest round led by the Sequoia Capital and Tiger Global Management.

The latest funding round, which just closed last month, comes into the news about four months after the Noida and Singapore based company brought the Flipkart CEO Kalyan Krishnamurthy on board as an investor.

The round which also comes from around seven months after it closed its $23 Million Series C funding round values the company to be of around $200-$300 Million, according to the report which has been revealed.

“India has a complex economy and infrastructure. A number of the country’s startups, along with the government, are actually building the backbone of the company…We are living at a real time, and the efficiencies that have been delivered in consumer commerce, will also come to B2B commerce,” Garg told ET.

“Moglix is building two unique assets simultaneously — physical infrastructure and a direct-to-enterprise distribution to re-imagine indirect procurement in India,” Tejeshwi Sharma, principal at Sequoia Capital India Advisors, said.

Source: Moglix