Moglix will use the funds to enhance its technology platform, build a merchant base across Asia, and market to customers globally
The proceedings from this round will be used to enhance Moglix’s technology platform, build a merchant base across Asia, and market to customers across the globe.
Founded by Rahul Garg, a former Google employee, Moglix is a global marketplace specialising in B2B procurement of industrial products such as electricals, lighting, hardware and tools — broadly referred as engineering goods. In order to cater to these requirements, it has partnered with manufacturers across India, China, Taiwan and other Asian countries.
As of now, it has brought over 200 brands on board since then since launch in mid August this year. The list include Havell’s, Larsen and Toubro, C&S Electric, Anchor, Bajaj, Unbrako, Caparo, Ambika and Taparia.
Moglix’s procurement marketplace is being built to provide product discovery, price negotiation, logistics, and payment/escrow capabilities.
“The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24 per cent of the Indian exports worth over US$300 billion. A large part of this trade remains offline and happens via traditional B2B channels, while the buyers are increasingly moving online. We believe we can play a significant role in bringing them together online,” said Garg.
“Accel’s deep knowledge of the Indian and US markets having led Flipkart and Etsy as well as their global presence will benefit Moglix immensely. On the other hand, Jungle which has been pioneer in enabling companies to expand across Asia/globally will help us to establish a strong pan-Asia presence,” he added.
While communication and personal e-commerce industries have seen rapid growth with the proliferation of Internet, the global trade of industrial and business products continues to be plagued by the traditional distribution and marketing channels.
The global market for business and industrial supplies is estimated to be around US$1 trillion.
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