Commerce firm Moglix raises $60 million in a Series D round of funding

Moglix, a business-to-business (B2B) commerce company, announced the closing of Series D round of funding of $60 million on Thursday. The round, led by Tiger Global, also saw participation by Sequoia India and Composite Capital.

The company’s current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons’ Chairman Emeritus Ratan Tata. 

The funds will be used to create industrial distribution centers across India to cover more than 25 major hubs of manufacturing by May 2020. Moglix will continue to invest in tech-first strategies to further disrupt the supply chain and procurement domain across verticals, said the company.

The company is also starting a garage called, "Moglix Innovation Hub (MIH)” for B2B commerce and Supply chain. This initiative will focus on areas pertinent to the procurement domain - advance technology, SAAS platforms, fintech and logistics, to name a few. Moglix will continue to invest in young and dynamic EIRs (entrepreneur in residence) to execute these ideas. A sum of $5 million has been set aside for MIH. 

Rahul Garg, Founder & CEO, Moglix claimed that Moglix grew at a rate of around 300 per cent year-on-year. 

The Indian indirect purchase market is currently worth $50 billion-plus and is estimated to grow to $100 billion by 2025.