Moglix Raised ₹107.58 Crore from Singapore Parent since December
In a significant development, Tiger Global-backed B2B ecommerce unicorn Moglix has raised ₹107.58 crore from its Singapore parent company since December. This latest funding round is a testament to the startup’s growth trajectory and its ability to attract significant investments from prominent investors.
In the last year, the startup received the shareholders’ nod to issue up to 1,16,856 compulsorily convertible cumulative preference shares having a face value of ₹10 each at a premium of ₹9,198 to its promoter Mogli Labs Private Limited on a rights basis. This move is expected to enhance Moglix’s financial muscle and enable the company to further expand its operations and strengthen its market presence.
Moglix, which was founded in 2015 by Rahul Garg, has established itself as a leading B2B ecommerce platform in India, offering a wide range of products and services to its customers. The startup has received significant attention from investors and industry experts alike, and its latest funding round is expected to further accelerate its growth and expansion plans.
The company has been aggressively expanding its operations and has established partnerships with leading suppliers and manufacturers across various industries. Moglix’s platform offers a comprehensive range of products, including industrial supplies, construction materials, and more, making it an attractive option for businesses of all sizes.
Moglix’s success can be attributed to its unique business model, which focuses on providing a seamless and efficient experience for its customers. The company’s platform allows businesses to browse and purchase products from a wide range of suppliers, thereby reducing the complexity and inefficiencies associated with traditional procurement processes.
Additionally, Moglix has been leveraging technology to enhance its operations and improve customer experiences. The company has developed a range of innovative solutions, including AI-powered supply chain management tools and real-time inventory tracking systems, which have helped to streamline its operations and improve customer satisfaction.
The latest funding round is expected to further strengthen Moglix’s position in the B2B ecommerce market and enable the company to expand its operations into new markets and industries. The company plans to use the funds to enhance its product offerings, improve its supply chain management capabilities, and expand its team to support its growing customer base.
Moglix’s success is a testament to the growth potential of the B2B ecommerce market in India, which is expected to continue to grow at a rapid pace in the coming years. The market is driven by the increasing demand for efficient and cost-effective procurement solutions, as well as the growing need for businesses to adapt to digital technologies and changing market conditions.
In conclusion, Moglix’s latest funding round is a significant development in the Indian B2B ecommerce market, and is expected to have a positive impact on the company’s growth and expansion plans. The company’s unique business model, innovative solutions, and aggressive expansion plans make it an attractive option for investors and customers alike, and its success is likely to have a ripple effect on the broader B2B ecommerce market.
Source: https://inc42.com/buzz/exclusive-moglix-raises-12-mn-via-preferential-shares/
