The Noida-based company’s Series B round of funding also saw participation from existing investors Accel Partners, Jungle Ventures, former Google and Twitter vice president Shailesh Rao, and Venture Highway.
“The funds will be used to support the strong demand for Moglix’s robust technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans,” the company said in a release. The company aims to launch operations in three more cities in India, apart from its current presence in Delhi-NCR, Pune and Chennai.
Ratan Tata-backed Moglix had previously raised seed and Series A funding totalling $6 million. Accel Partners led its $4.2-million Series A round in October last year, with Jungle Ventures and SeedPlus also participating.
Founded in August 2015 by Rahul Garg, Moglix is a global online B2B marketplace for enterprises to procure industrial products such as fasteners and industrial electricals. It has partnered with manufacturers and distributors across these categories in India, China and Taiwan for product supplies.
“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,” said Garg.