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Moglix is an online B2B marketplace for Industrial products catering to suppliers and buyers across the globe, and it caters to over 20,000 SMEs

Existing investors Accel Partners and Jungle ventures have returned to up their stake in Moglix, an India-based B2B e-commerce company specialising in procurement of industrial products.

The two VCs, along with a new investor SeedPlus, have pumped in INR 28 crore (US$4.2 million) into the startup.

The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base by 5,000 to 100,000 and large manufacturing buyers to 1,000-plus in the next 18 months.

As per the deal, Jungle’s Managing Partner Anurag Srivastava has joined its advisory board. He will work with Moglix on product management and devising technology strategy for large manufacturing houses in the automotive industry.

The startup has earlier raised pre-Series A funding from Accel Partners and Jungle Ventures in October 2015, and an undisclosed investment from Ratan Tata in February 2016.

Founded in August 2015, Moglix is a platform for industrial products catering to suppliers and buyers across the globe. It caters to over 20,000 SME buyers and 100 large manufacturing houses through its platform.

Moglix currently specialises in B2B procurement of industrial products such as maintenance, repair and overhaul (MRO), fasteners and industrial electrical. The company has partnered with 1,500-plus manufacturers and distributors across these categories in India, China and Taiwan.

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Moglix currently has 200,000-plus stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and PSUs in the country.

Moglix recently expanded its operations in West India with the launch of Pune office to cater to manufacturing companies in Gujarat and Maharashtra. It now plans to expand its footprint to South and East India in the coming year and is targeting US$100 million-plus revenue in the next three years.

Speaking on the investment, Subrata Mitra, Partner, Accel Partners, said: “Currently medium and large enterprises procure from 100s to 1,000s of vendors, and the entire process is run on an ad-hoc basis. Moglix’s ability to induct technology into such a process is innovative and will lead to significant efficiencies. It’s also a large scale issue, and if solved well can create a formidable business.”

The post Jungle Book: India’s Moglix to accelerate growth with US$4.2M Series A funding appeared first on e27.

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