Ratan Tata Invests In Moglix, B2B Marketplace Startup
This marks his entry as an investor in a manufacturing tech-startup, adding to his varied portfolio of e-commerce and new-age technology enabled companies.
Ratan Tata has decided to invest in yet another company. With his expertise and keen interest in the sector, Tata is likely to play an important role in mentoring Moglix on business growth, global expansion and leadership.
The company is focused on technologically disrupting the B2B industrial products space for suppliers and buyers across the globe.
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.
The company aims to bring technology and manufacturing together to drive transparency, efficiency and scale for manufacturing companies within India, making them globally competitive and enabling the use of technology for procurement, sales and marketing, supply network optimization in both domestic and global markets.
The company was started in 2015 by a former Google employee Rahul Garg. With this investment coming in, the company hopes to make better inroads in different verticals. The company specialises in B2B procurement of industrial products such as MRO, Fasteners, Electrical, Hardware, Pneumatics and Safety items etc.