B2B commerce startup Moglix on Tuesday announced that it has closed a $23-million Series C funding round led by existing investors Accel Partners, Jungle Ventures, and International Finance Corporation (IFC).
Venture Highway, Shailesh Rao and Innoven Capital also took part in the financing round. Till date, Moglix has raised $41 million in funding, it said in a statement.
While the company’s valuation in the current round wasn’t disclosed, a report in The Economic Times pegged it at $100 million.
The latest round comes almost 16 months after Moglix closed a $12-million Series B equity financing round in July last year. The three-year-old startup also counts WhatsApp senior executive Neeraj Arora among its backers.
The company plans to deploy the funds raised to expand to newer markets and geographies besides increasing its logistics network and supply chain across India. It also plans to beef up its integrated digital supply chain technology solutions with data science and machine-learning capabilities, the statement added.
The company also plans to expand to international markets by next year.
“It is heartening to see how Moglix is on a major upsurge, growing at a rate of 400 per cent year on year with an exuberant team. 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,” Rahul Garg, founder & CEO of Moglix, said.
“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,” he added.
With a team of over 450 people, Moglix currently operates across 10 centres in India and caters to both institutional
customers (B2B) and individual customers (B2C). It claims to be working with over 400 large manufacturing clients and over 2.5 lakh small and medium enterprises (SMEs).
Last week, US-based Accel Partners had also led a $35-million Series B funding round for NinjaCart, a marketing and delivery platform for agricultural produce. In October, Bengaluru-based fashion startup Universal Sportsbiz Pvt. Ltd. (USPL) raised $13.5 million (Rs 100 crore) in a Series E funding round led by Accel.