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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.…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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