E-commerce company Moglix has announced an undisclosed financial investment in the company by industrialist Ratan Tata. Tata has already made investments in many e-commerce and new-age technology enabled companies.
Moglix specialises in B2B procurement of industrial products like MROs, Fasteners and industrial electricals with manufacturers across India, China and other Asian countries as partners.
Founded in August 2015 by former Google employee Rahul Garg, Moglix is focused on technologically disrupting the B2B Industrial products space for suppliers and buyers across the globe. The startup facilitates online convenience and enabling supply chain efficiencies in business purchasing.
Moglix recently raised Pre-Series A funding from Accel Partners and Jungle Ventures. The funds are being used to enhance the technology platform, build a deep supplier base as well as increase marketing spends across Asia.
Rahul Garg, CEO and Founder, said they were extremely pleased to have an icon of Indian manufacturing as our advisor. “Tata’s contribution to the manufacturing sector has been inspirational and we look forward to his guidance as we steer the company towards transforming the buying and selling process for manufacturers in the country. While globally, top manufacturers have evolved towards adoption of technology for procurement and sales – Indian manufacturers have been slow to adopt technology, leading to process inefficiencies and limited marketing exposure,” he said, addign that Moglix strongly believes the unorganised supply chain in India can only be solved with a technology-first mindset.
Rahul added, “The Make in India program when combined with the digital initiatives in the country have great potential to play a transformative role in India’s manufacturing sector. We need to attract young entrepreneurs to commit to the “Make in India” initiative for it to succeed.”