B2B industrial goods marketplace Moglix has raised $23 million in its Series C round led by existing investors Accel Partner US and International Finance Corporation (IFC).
With the latest capital infusion, the Noida-based startup has so far raked in $41 million risk capital. Last it had raised $12 million Series B round from the aforementioned investors in July 2017.
The startup will use the fresh proceeds to ramp up its supply chain network, build its team and technology product suite beside increasing its distribution centres to 18-15 over the next 12-15 months.
Currently, it owns 10 warehouses spread across eight cities, including Delhi NCR, Kolkata, Chennai, Pune, Ahmedabad, Mumbai, Aurangabad, and Pantanagar.
Led by Rahul Garg, Moglix specialises in B2B procurement of industrial products such as MRO, fasteners, electrical, hardware, pneumatics and safety items.
Moglix has products from over 2,500 brands from about 4,000 suppliers and over 300,000 stock keeping units (SKUs). Further, it aims to double down the supplier base and projecting 500,000-1 million SKUs over the next one year.
The firm has tied up with wholesale dealers in markets such as Delhi, Faridabad, Gujarat besides partnering with Chinese and Taiwanese suppliers.
With an annual turnover between Rs 500 crore and Rs 10,000 crore, Moglix caters to both large and SME players in the manufacturing industry and counts Power2SME, Industrybuying, Amazon, Tolexo, Omnikart, and others as major competitors.
On the revenue front, Moglix earned 120X in FY18 as compared to the revenue in FY16 and emerged as the fastest growing Indian tech company in Deloitte India’s Technology Fast 50 list in 2018.
Founded in August 2015, Moglix also counts Accel India, Ventures, Ratan Tata and former WhatsApp senior executive Neeraj Arora among its early backers.
The development was reported by ET.