Moglix, the global marketplace from India/ Singapore for business and industrial supplies, today announced that it has raised pre Series A funding of around $1.5 million from Accel Partner and Jungle Ventures.
Founded by Rahul Garg, a former Google employee with experience in building global products and running sales across Asia, Moglix aims to become the online-first sales and marketing engine for Asian brands to sell into over 100 countries globally.
The funds will be used to enhance the technology platform, building a deep merchant base across Asia as well as marketing to customers across the Globe.
Subrata Mitra, Managing Partner of Accel Partners said, "Accel has always believed in disruptive startups looking 3-5 years ahead where we think technology can make an impact. We see x-border ecommerce as a great trend - where technology can make a big impact. We believe Moglix, with a strong team is solving a valuable and tough problem."
Moglix is entering into the $1 trillion worth of global trade from Asia, via Internet. The company currently focuses on business and industry supplies which include electricals, lighting, hardware and tools broadly referred as engineering goods.
The company did a soft launch on 15-August and has brought over 200 brands on board since then. Some of the companies that already sell their products via Moglix include Havell's, Larsen and Toubro, C&S Electric, Anchor, Bajaj, Unbrako, Caparo, Ambika and Taparia.
Rahul Garg, CEO & Co-Founder of Moglix, said, "The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24 per cent of the Indian exports worth $300 billion. Hence, this market has also been a strong focus area for Make In India initiatives. A large part of this trade remains offline and happens via traditional B2B channels, while the buyers are increasingly moving online. We believe we can play a significant role in bringing them together online."
"We, at Jungle Ventures, believe in global / pan-Asian vertical e-commerce players who aim to become category leaders. Moglix's vision of disrupting the category by creating a global market place out of Asia is unique and scalable," said Amit Anand, Managing Partner of Jungle Ventures.