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B2B ecommerce startup Moglix raises $12M from IFC, RocketShip and others

Moglix, a B2B ecommerce company specializing in procurement of industrial products for manufacturers, has raised $12 million in a Series B investment from the International Finance Corporation (IFC) and Rocketship.vc, along with Moglix’s existing investors Accel Partners, Jungle Ventures, Shailesh Rao, and Samir Sood’s Venture Highway. This round of funding comes around eights months after Moglix raised $6 million from Accel Partners, Jungle Ventures and SeedPlus, in October last year. Note that at time, the company had said that it had raised Rs 28 crores (around $4.3 million) The company had raised an undisclosed amount of angel funding from industrialist Ratan Tata in February last year.

Moglix is using the funds to digitise the manufacturing sector, and plans to launch its integrated digital supply chain solution in 3 cities, apart from Delhi NCR, Pune and Chennai, where it is currently operational. It says it has over 200,000 stock keeping units (SKUs) listed on its platform – which is what it also said in October last year – and serves auto, electrical and public sector undertakings (PSUs) in the country, including Lumax, IndiaForge, Havells etc. The company recently launched GreeGST, a SAAS based application solution for manufacturing units, which enables filing of GST, reconciliation of invoices, maintaining dashboards for multiple plants and warehouses, and managing taxes for various locations etc.

Competition

  • Udaan.com, a B2B marketplace founded by former Flipkart CTO Amod Malviya, which raised $10 million in series A round of funding led by Lightspeed Venture Partners India and Lightspeed US last year.
  • Industrybuying, an online marketplace for industrial supplies and goods, which raised Rs 12 crore in a round of funding from Trifecta Capital in January last year. Industrybuying is also funded by Trifecta Capital, SAIF Partners, Kalaari Capital, the TVS Group and the Murugappa Group. 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.
  • Gurgaon-based OfBusiness is also an online marketplace for business-to-business commerce, which raised $5 million in a Series-A funding round led by Matrix Partners India, in February last year, which was followed by $11 million from Zodius Technology Opportunities Fund, and participation from existing investors Matrix Partners & other angel investors
  • Power2SME, is another online buying club for small and medium enterprises that raised a funding from Infosys co-founder Nandan Nilekani in January, and from existing investors Accel Partners, Kalaari Capital and Inventus Capital.
  • Tolexo, from IndiaMart, which claims over 1 million products and 7,000 sellers. Indiamart is backed by Amadeus Capital, Westbridge, UK based Quona Capital and Intel Capital
  • Amazon India also has its B2B supply services for SMEs, at AmazonBusiness.in.
  • Walmart launched its B2B marketplace in India in 2014, at BestPrice.in

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