I dive deep into what makes a business successful, an entrepreneur worth millions of dollars and an investor write a cheque. Perched on my small post in Mumbai, I write mainly on entrepreneurs, start-ups, innovation, venture capital and private equity investors and unlisted firms. While following the world of business for Forbes India as Editor, Enterprise, I intend to use this space to share observations from the other side of the entrepreneurial world, where disruption, gumption and courage can take one a long way.
Moglix, an ecommerce company specialising in business-to-business (or B2B) procurement of industrial products, on Monday said it raised an undisclosed financial investment from Tata Sons chairman emeritus Ratan Tata.
One of the most prolific startup investors in the country today, Tata has backed firms ranging from ecommerce startups to new-age technology-enabled ideas. So far, he has invested in nearly 30 companies, including Snapdeal, Tracxn, Urban Ladder and CarDekho, among others. Tata will play an important role in mentoring Moglix on business growth, global expansion and leadership, the company said in a statement.
Founded in August 2015 by Rahul Garg, a former Google employee, Moglix is focussed on technologically disrupting the B2B industrial products space for suppliers and buyers across the globe. The company currently specialises in B2B procurement of industrial products such as fasteners and industrial electricals, and is partnering with manufacturers and distributors across these categories in India, China and other Asian countries.
Moglix recently raised pre-Series A funding from Accel Partners and Jungle Ventures. The funds are being used to enhance the technology platform, build a deep supplier base as well as increase marketing spends across Asia.
“While globally, top manufacturers have evolved towards adoption of technology for procurement and sales, Indian manufacturers have been slow to adopt technology, leading to process inefficiencies and limited marketing exposure. Moglix strongly believes that the unorganised supply chain in India can only be solved with a technology-first mindset,” said Rahul Garg, chief executive and founder of Moglix.