The startup will deploy the funds to expand to newer markets and geographies besides increasing its logistics network and supply chain across India

India-based B2B commerce company Moglix has secured US$23 million in Series C round of funding, led by existing investors Accel Partners, Jungle Ventures and International Finance Corporation (IFC), a member of the World Bank Group.

Venture Highway, Shailesh Rao (former VP at Twitter and Google), and InnoVen Capital also participated in the round.

The company plans to deploy the raised fund to expand to newer markets and geographies besides increasing its logistics network and supply chain across India. It also continues to beef up its integrated digital supply chain technology solutions with data science and machine-learning capabilities.

“The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in our focus areas such as technology innovation, analytics and building a wide logistics infrastructure network. We foresee that there is immense strength and scope of innovation in the B2B commerce space and the sectors we operate in. We are now focussed on our next phase of growth across diverse markets and going forward, we will continue to bring in new talent and strengthen our talent base,” said Rahul Garg, Founder and CEO of Moglix.

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Founded in August 2015, Moglix is a platform for industrial products catering to suppliers and buyers across the globe. With a team comprising 450-plus people, Moglix currently operates across 10 centres in India and caters to both institutional customers (B2B) and individual customers (B2C). It works with over 400 large manufacturing clients and over 250,000 SMEs. The team has built a network of over 5,000 SME and big suppliers across 25 states in India and brought them on a digital supply chain platform.

Anurag Srivastava, Founding Managing Partner at Jungle Ventures, said: “With businesses becoming globally competitive and decisions taken with the speed of thought, automation is the new keyword for any industry. Moglix has been performing commendably for the manufacturing sector and we are delighted to be a part of their success story.”

Moglix has previously raised pre-Series A and Series A funding of approximately US$6 million from Accel Partners, Jungle Ventures, SeedPlus and Venture Highway.

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