Moglix, a business-to-business e-commerce start-up said that it has closed a Series B funding round of $12 million.
The round saw participation from International Finance Corporation, a member of the World Bank Group and Rocketship.
Existing investors Accel Partners, Jungle Ventures, Venture Highway and former Twitter executive Shailesh Rao also participated. Moglix, which is also backed by chairman emeritus of Tata Sons, Ratan Tata, said that the funds would be used to support the demand for its technology solution in the domain of supply chain and manufacturing. It would also use the money for its infrastructure growth and geographical expansion plans.
“We are making strides to harness the potential of the market in India and other Asian countries,” said Rahul Garg, founder and CEO, Moglix.
Its solutions cater to over one lakh small and medium-sized enterprises and over 200 large manufacturing houses in the country. The company said that manufacturing sector in India is the least digitised industry compared to other sectors in the country. Today, barely 2-3% of manufacturing units are using digital platforms in their supply chain management, according to the firm.
