GST-drives Moglix growth to 300% y-on-y
Moglix, India’s largest and fastest-growing B2B commerce company, has raised US$60 million through Series D round led by Tiger Global, Sequoia India and Composite Capital.
Its current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons’ Chairman Emeritus Ratan Tata.
“We are excited to partner with the Moglix team as they pioneer modern, technology-enabled solutions for B2B commerce. GST reform is accelerating the pact of change in Indian business and Moglix continues to be the leader in providing industry-leading solutions for procurement,” said Rahul Garg, Founder & CEO, Moglix.
“I believe this change will impact how Indian suppliers, buyers, and overall B2B supply chain will shape up in the coming century. We are glad to have Tiger Global, Sequoia India and Composite Capital, join us in the journey,” he said, announcing the latest funding round on 15 July 2019.
It is great to see how Moglix is on a major upsurge, growing at 300% year-on-year with an exuberant team. The funds will be critical in fueling expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics, and building & owning a wide logistics infrastructure network.
“We foresee an immense strength and scope of innovation in the B2B commerce space and the sectors we operate in,” said Garg.
“We are excited to partner with Moglix, which is rapidly transforming procurement services for India’s B2B market. As an industry leader with a strong management team, Moglix is poised for continued strong growth,” added Scott Shleifer, partner, Tiger Global Management.
Tejeshwi Sharma, Principal, Sequoia Capital India Advisors, elaborated: “We believe that technology will play a crucial role in upgrading supply chain in India for the 21st century. Moglix is building two unique assets simultaneously – physical infrastructure and a direct-to-enterprise distribution – to re-imagine indirect procurement in India.”
“Sequoia India has been tracking the company for a while and is inspired by its commitment to this space. Rahul and his team have an audacious vision and it’s a delight to partner with them in building what could be a foundational business for India’s economy,” said Sharma.
David Ma, the Founder of Composite Capital, commented: “We are excited to partner with the Moglix team as they pioneer modern, technology-enabled solutions for B2B commerce.” fiinews.com