Moglix, a B2B sourcing platform gets investments from Ratan Tata.
Hyderabad | RNW | By Payal Ganguly, ET Bureau | 8 Feb, 2016, 11.52 AM IST.
Tata Sons chairman emeritus Ratan Tata has invested an undisclosed amount in businessto-business sourcing platform Moglix. This is Tata’s sixth investment this year and his first in a B2B ecommerce portal.
“Mr Tata is an inspiration and we are extremely pleased to have an icon of Indian manufacturing as our advisor,” said Rahul Garg, founder and CEO of Moglix.
In October last year, Californiabased venture capital firm Accel Partners had led the seed round for Moglix.Tata’s investment comes soon after Infosys cofounder and billionaireNandan Nilekani stepped in as a strategic investor in the Series-D round for industrial sourcing portal Power2SME, which is also backed by Accel Partners.
The B2B ecommerce sector has seen increased investor activity over the last year with B2B ecommerce marketplace Industrybuying raising Rs 60 crore from Kalaari Capital and SAIF Partners in Series-B, and Shotang raising Series-A round of Rs 33 crore from Exfinity Venture Partners and Unitus Impact Livelihoods Fund. Besides, IndiaMART-backed Tolexo has a commitment of Rs 100 crore from its parent company by March. For Moglix, the current round comes less than six months after it went live in September 2015.