MogliLabs, which owns and operates B2B industrial goods marketplace Moglix, has raised $60 million (about Rs 412 crore) in its latest funding round led by Tiger Global Management and Sequoia Capital.
The business-to-business startup said Sequoia Capital and the Hong Kong-based Composite Capital also participated in the round. The latest round has taken the total capital it has raised to over $100 million.
Singapore-based Moglix, which is operated in India by MogliLabs Pvt. Ltd, said it will use the fresh funding to expand its distribution centres across India to cover its major manufacturing hubs by May next year.
The company said it will also start the Moglix Innovation Hub, which will focus on areas relevant to the procurement segment such as software-as-a-service (SaaS) platforms, financial technology and logistics, among others.
Mogilix founder Rahul Garg said the funding would also help the company to optimise its technologies and analytics in addition to building and operating a logistical infrastructure network. “It is great to see how Moglix is on a major upsurge, growing at a rate of 300 percent year-on-year with an exuberant team,” Garg said.
Separately, Tiger Global partner Scott Shleifer said the firm was confident about its investment in Moglix considering its growth potential. Sequoia Capital India Advisors principal Tejeshwi Sharma added that the startup was reimagining direct procurement in India by simultaneously building a direct-to-enterprise distribution system as well as physical infrastructure.
(With Agency Inputs)