In Startup50 2016: In less than two years, Moglix has served 20,000+ business customers with 50 per cent revenue coming from large organizations belonging to the Rs. 100 crore club. With backing from Ratan Tata, Accel Partners and Jungle Ventures, this is just the beginning of a winning journey for the company
Founder: Rahul Garg
Rahul Garg’s Moglix is a B2B e-commerce company whose self-service platform provides several SME buyers an organised, technology-based solution to their procurement requirements across India. In a little over a year since commencing operations in 2015, the company has served over 20,000 businesses with over 50 per cent of these registering revenues of over Rs. 100 crore. In October 2016 Moglix raised its Series-A of Rs. 28 crore in a round led by Accel Partners with participation from Jungle Ventures and SeedPlus. Earlier in the year, it had received backing from Ratan Tata by way of an undisclosed investment.
One-stop for industrial needs
Moglix’s platform provides buyers a one-stop solution to all of their procurement needs and addresses each step of the buying process; from product discovery, price negotiations, payments and escrow.
In order to cater to demand for industrial products such as fasteners, industrial electricals and maintenance, repairs and operations related products, Moglix has partnered with over 1,500 manufacturers and distributors in India, China, Taiwan and other Asian countries. Recently, SAP Labs has teamed up with Moglix as a startup technology partner in the B2B e-commerce space.
Eye on the future
Over the next 18 months, Moglix plans on increasing its SME buyer base by 5x to reach over a 1,00,000 including nearly 1,000 larger manufacturing buyers. In a three-year period, it aims at recording revenues of US $100 million and increasing its reach across India, especially, in the south and east.
(Number of buyers Moglix has served)
(Number of partnerships with manufacturers and distributors in India, China, Taiwan and more)
(Series-A from Accel Partners with participation from Jungle Ventures and SeedPlus)