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Moglix gets Rs 80 crore from IFC, Rocketship.vc and others

Moglix lists products from 1 lakh small and medium enterprises and serves the digital procurement needs of over 200 large enterprises such as Havell's, India Forge and others.

, ET Bureau|
Updated: Jul 06, 2017, 09.07 AM IST
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Moglix lists products from 1 lakh small and medium enterprises and serves the digital procurement needs of over 200 large enterprises such as Havell's, India Forge and others.
Moglix lists products from 1 lakh small and medium enterprises and serves the digital procurement needs of over 200 large enterprises such as Havell's, India Forge and others.
BENGALURU: Ratan Tata-backed online plat form Moglix has raised $12 million (approximately Rs 80.3 crore) in a series-B round of funding which saw participation from World Bank's in vestment arm, International Finance Corporation (IFC) and Rocketship.vc, a San Fran cisco-based venture fund co-founded by Venkat Harinaray an of Junglee Corp.

Existing investors of Moglix, including Accel Partners, Jungle Ventures, former vice-presi dent of Twitter Shailesh Rao, and Venture Highway also participated Venture Highway also participated in the round.

Moglix, a business-to-business (B2B) online platform which retails industrial products, lists products from 1 lakh small and medium enterprises and serves the digital procurement needs of over 200 large enterprises such as Havell's, India Forge and others.

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 six 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 SMEs 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.

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