Moglix raises fund from Flipkart CEO Kalyan Krishnamurthy’s personal investment.
Moglix has more than 450,000 stock keeping units (SKUs) and over 2,000 suppliers catering to a customer base of around 150,000.
Indian B2B e-commerce is expected to attain a size double to $200 Billion B2C e-commerce market by 2026.
Moglix a B2B industrial goods e-marketplace and Ratan Tata backed company raises fund from Flipkart CEO Kalyan Krishnamurthy’s personal capacity. It is the first solo investment of Kalyan Krishnamurthy in Moglix. By this investment, he joins the list of sole investors in Moglix including Jeff Epstein, a former chief financial officer at Oracle, Ratan Tata, Tata group Chairman, Shailesh Rao, ex-vice presidents at Twitter and Google, Vikrampati Singhania and several others.
Till now it’s not clear that Krishnamurthy will take up an advisory role in Moglix or will the investment be used to maintain potential business between the two.
According to the statement of Krishnamurthy, “I am blissful to be part of investors list in an individual capacity. Moglix has gained impressive growth in B2B e-commerce under the mentorship of Rahul. Firm is building an effective impact on the manufacturing industry to astounding use of technology.”
Moglix came into action in 2015 by Rahul Garg, ex-Google executive. It is headquartered in Noida and firm works as an e-commerce platform for purchasing and sale of several manufacturing tools including measurement equipment, pumps and motors, electrical and power tools. As of its website, Moglix has more than 450,000 stock keeping units (SKUs) and over 2,000 suppliers catering to a customer base of around 150,000.
Moglix has raised a total $40 Million in external fundings till now. It has previously raised $23 Million in series C funding round. The company is backed by International Finance Corporation, Accel Partners, Venture Highway, and Jungle ventures. Its Board of Directors includes Tata Group Chairman Emeritus Ratan Tata, Vikrampati Singhania, Director, JK Group, former CFO of Oracle Jeff Epstein, Jim Baum, former President and CEO, Netezza and Shailesh Rao, Ex-VP Twitter and Google.
According to APAC (ex-China) by Deloitte’s Technology Moglix is in the Fast 500 Asia Pacific Program. Indian B2B e-commerce is expected to enhance in upcoming decades. According to the researches it is likely to attain a size double to $200 Billion B2C e-commerce market by 2026.
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