Moglix onboards global FMCG giant Unilever as its client
Singapore and Noida-based startup creates cloud-based contract automation SaaS tool for the Anglo-Dutch consumer product major.
The four-year-old Singapore and Noida-based company has launched iCAT, a cloud-based, intelligent algorithm-based software that allows Moglix’s clients to consolidate and automate huge volumes of contracts. While the company piloted the project with Unilever, Moglix has now launched iCAT in the US, seen as one of its core markets.
“Contract management is the heart of procurement…Large organisations like FMCG, auto, pharma and chemical can use iCat platform to unlock great savings by consolidating their contracting process,” Rahul Garg, chief executive of Moglix, said in a statement.
According to Moglix officials, Unilever churns out over 100,000 contracts annually, spread across more than 100 countries.
“They (Unilever) needed a tool to reduce their turnaround time, while also driving contracting efficiency across levels… Turnaround time has reduced to two days, compared to seven earlier, while efficiency has gone up by an estimated 40%,” Jigyasa Kishore, director- strategic partnerships at Moglix, told ET.
While Moglix and Unilever did not share the commercial terms of the partnership, talks between the two entities are believed to have kicked off in May last year.
“Unilever has 1,500-plus procurement professionals, operating across 100-plus countries, managing $20 billion annually. Processing contracts for a geographically dispersed organisation was time-consuming and inefficient,” Dhaval Buch, chief procurement officer at Unilever, said in a statement.
“After multiple attempts to solve the problem with other partners, implementation of iCAT with Moglix has been a game changer for us, as it has automated and streamlined our contract management process across geographies,” he added.
According to Moglix executives, the company’s SaaS business currently contributes about 10% of its overall top-line, but that is expected to increase “exponentially’ going forward. Kishore told ET that the company has committed $2 million to the business, which is to be primarily utilised towards marketing and business development in the US and Europe.
In December last year, ET was the first to report that the company had raised $23 million in a fresh round of funding, which was led by marquee venture capital firm Accel Partners US and existing investor International Finance Corp.