Founded in 2015, Moglix had previously raised Seed and Series A funding of USD ~6 Million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. With this current round, the total amount of fund raised by Moglix stands at USD ~18 Million.
The announcement is significant since the investment has been raised at a time when there is heightened uncertainty and deteriorating business confidence overshadowing the start-up ecosystem.
Rahul Garg, Founder & CEO, Moglix said, "We are delighted to welcome on board the team at IFC as well as Rocketship and appreciate the continued trust of our existing investors Accel Partners, Jungle Ventures, Shailesh Rao and Venture Highway. The raise will accelerate our infrastructure build-up to better serve our customers, and enhance our product offerings as the manufacturing and supply chain industry heralds towards digitization.
He further added, "According to a recent industry report, the global B2B e-commerce market is estimated to reach $7 trillion by 2020, as it's twice as big as B2C market. We are making strides to harness the potential of the market in India and other Asian countries."
Pravan Malhotra, Head Asia Internet Investments, IFC, said, "Moglix's client satisfaction, innovation, strength of management and expansion are redefining the B2B e-commerce market. We are excited to partner with the company as they embark on the path of rapid growth and success."
Anurag Srivastava, Founding & Managing Partner, Jungle Ventures said, "The team at Moglix is doing an amazing job building top-tier SaaS products for the manufacturing and supply chain industry. He further added, "As a board member, I have observed that Moglix strives to create excellence at every step and has achieved sustainable and healthy growth alongside. Our investment in Moglix reflects the trust we have in them."
"We are excited to be working with Moglix as the company enters the next phase of its growth with the launch of GreenGST B2B commerce is a fast-emerging space and Moglix has been at the centre of it with the right moves. It is heartening to see their commitment since inception - we wish the team all the best for future." said Subrata Mitra, Accel Partners.
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