Moglix raises USD 23 mn led by Accel Partners, others

B2B commerce company Moglix Tuesday said it has raised USD 23 million in the latest round of funding, led by existing investors Accel Partners, Jungle Ventures and International Finance Corporation (IFC).

The series C round also saw participation from Venture Highway, Shailesh Rao and InnoVen Capital. With this current round, the total amount of fund raised by Moglix stands at USD 41 million, a statement said.

"...Moglix is on a major upsurge, growing at a rate of 400 per cent year on year... The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in focus areas such as technology innovation, analytics and building a wide logistics infrastructure network," Moglix founder and CEO Rahul Garg said.

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