Ratan Tata backed "Moglix" raises $12M (M dollars) in series-B funding

Ratan Tata-backed online platform Moglix has raised $12 million (approximately Rs.80.3 crore) in a series-B round of funding which saw participation from World Bank's investment arm, International Finance Corporation (IFC) and Rocketship-vc, a San Francisco-based venture fund co-founded by Venkat Harinarayan of Junglee Corp.

Moglix, a business-to-business (B2B) online platform which retails industrial products, lists products from One lakh small and medium enterprises and serves the digital procurement needs of over Two Hundred large enterprises such as Havell's, India Forge and others.

Existing investors of Moglix, including Accel Partners (AP), Jungle Ventures, former vice-president of Twitter Shailesh Rao(SR Boss), and Venture Highway also participated Venture Highway also participated in the rounds.

Exams Freak @ RTM

The current round of capital will be utilised by the company to grow its geographical presence in three new North Indian cities over the next 6 months.

“Close to 70% of our business Revenue is focussed on mid-to-large enterprises. We will also invest in our software product or "SaaS" platform through which enterprises can fulfill digital procurement and our commerce engine. We also launched our GST solution 'Green GST' for SME's and enterprises to help them become compliant recently and are not looking at it as a revenue stream yet," said Rahul Garg, founder of Moglix.

Moglix has raised 12 million Dollars in a series-B round of funding which saw participation from International Finance Corporation (IFC) and Rocketship-vc