Noida-based B2B industrial goods marketplace Moglix has raised ₹161 crores ($23 million) in a series C round of funding from existing investors Accel Partners US and International Finance Corporation (IFC). The startup has raised $41 million in risk capital so far. Earlier it raised $12 million in series B round from the same investors in July last year.
The startup plans to use the freshly raised capital to scale up its supply chain network, build an extraordinary team and invest in the technology product suite. Furthermore, Moglix will increase its distribution centres to 15-18 over the next one and one and a half years. As of now, it operates 10 warehouses across Delhi NCR, Chennai, Ahmedabad, Aurangabad, Pantnagar, Mumbai, Pune and Kolkata.
Founded by Rahul Garg in 2015, the startup facilitates B2B procurement of industrial products such as MRO, fasteners, electrical, pneumatics, hardware, and safety items. It lists products from more than 2,500 brands and source the same from 4,000 suppliers and maintains over 300,000 stock keeping units (SKUs).
Moglix plans to invest the capital to bring about a two folds increment in its supplier base and projects 500,000 to 1 million SKUs over the next one year of time. It has partnered up with wholesalers across Delhi, Faridabad, and Gujarat as well as some Chinese and Taiwanese suppliers.
With an annual turnover of more than ₹500 crores, the startup caters to both small and medium businesses as well as large enterprises in the manufacturing industry. Power2SME, Industrybuying, Amazon, Omnikart, and Tolexo are some of its major competitors belonging to the same industry.
The startup is backed by some prominent investors like Ratan Tata, Accel India, and Neeraj Arora, former WhatsApp executive. Moglix recorded a 120 times increment in its FY18 revenue as compared to FY16 revenue. The startup has been named as one of the fastest growing tech company in India by Deloitte India’s Technology Fast 50 list in 2018.