India: B2B marketplace Moglix raises $4.2m from Accel, Jungle Ventures, Seedplus

Visual from Moglix website

Moglilabs Pvt. Ltd, which runs business-to-business (B2B) industrial products marketplace Moglix, on Tuesday said it had raised Rs28 crore in a series A funding round led by Accel Partners, with participation by Jungle Ventures and SeedPlus.

Anurag Srivastava, founding and managing partner, Jungle Ventures, will be joining the advisory board of Moglix to advise on product management and devising technology strategy for large automotive manufacturers.

The company will use the funds for expanding to more markets and increasing its customer base of small and medium enterprises (SMEs) and large manufacturers.

In February, Moglilabs received an undisclosed amount of investment from Ratan Tata, chairman emeritus of Tata Sons Ltd, prior to which the company raised $1.5 million in pre-series A funding from Accel Partners and Jungle Ventures in October 2015.

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 over 1,500 manufacturers and distributors across these categories in India, China and Taiwan to supply the products.

“We believe that technology can be a strong factor in propelling the efficiency and scale for both procurement and sales of the organizations. We are working with many of these companies to fast forward them to the digital age where technology can enable them to do tasks 3-5X faster,” Garg said in a statement.

Also Read:

India: Ratan Tata strikes sixth funding deal in 2016, places bets on online B2B marketplace Moglix
India Dealbook: Moglix raises $1.5m from Accel, LiftO gets angel funding

This report was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.