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Moglix raises Rs 28 crore in a Series A round of funding led by Accel Partners

industry-cmn

Moglix, a B2B ecommerce company specializing in procurement of industrial products, has raised Rs 28 crore in a series A round of funding led by Accel Partners. Other investors in the round includes Jungle Ventures and SeedPlus. The company had raised an undisclosed amount of angel funding from industrialist Ratan Tata in February this year.

The Noida-based startup was founded in August 2015 by Rahul Garg and caters to over 20,000 SME buyers and 100 large manufacturing houses. The funds will be deployed to expand their footprint across major industrial hubs and aims to increase SME customer base to 100,000 and large manufacturing buyers to 1000 in the next 18 months.

Moglix recently expanded its operations in West India with the launch of Pune office to cater to manufacturing companies in Gujarat and Maharashtra. It also plans to expand its presence in South and East India this year.

Following the funding, Moglix has added Anurag Srivastava, founding & managing partner, Jungle Ventures to its advisory.

The company currently has more than  2 Lakh stock keeping units (SKUs) and says it counts Lumax, IndiaForge and Indian Oils as customers.

Competition

In January, Industrybuying, an online marketplace for industrial supplies and goods, raised Rs 12 crore in a round of funding from Trifecta Capital. The company had previously raised Rs 60 crore in a series B round from Kalaari Capital and other investors. It also raised an undisclosed amount of funding from TVS Group and Murugappa Group. It had also raised $2 million from SAIF Partners in February last year.

Accel’s focus on B2B

Accel Partners has invested or participated in three B2B startups since December 2015.

-In March, B2B marketplace startup Ninjacart raised $3 million from Accel Partners and others. The Bangalore-based startup connects farmers and brands to independent retailers. Ninjacart was originally founded in 2015 by Sharath Loganathan, Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sachin Jose and Vasudevan Chinnathambi as a hyper-local grocery delivery company; it shifted to the B2B buying space 6 months later.

– Power2SME, an online buying club for small and medium enterprises, raised a fresh round of funding led by Infosys co-founder Nandan Nilekani. The round of funding also saw participation from existing investors Accel Partners, Kalaari Capital and Inventus Capital. Power2SME works by buying raw materials directly from the manufacturers in bulk and selling it to the SMEs, thereby eliminating the need for wholesalers and distributors.

– In December 2015,  B2B logistics startup, raised Series B funding worth $25 million from Tiger Global, Apoletto (Yuri Milner’s founders fund), Accel and Flipkart.

 

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