E-commerce startup Moglix has announced investment from eminent industrialist Ratan Tata in its venture. The amount has not been disclosed. The NOIDA-based Moglix deals with B2B procurement and supply of industrial products such as power tools, hand tools, adhesives and electrical equipment across several countries. It facilitates online convenience and enabling supply chain efficiencies in business purchasing.
Moglix was founded by former Google employee Rahul Garg less than a year ago, in August 2015. A few months back, it had raised funding from Accel Partners and Jungle Ventures to enhance its technology platform, build a deep supplier base as well as increase marketing spends. In a statement announcing the investment, Rahul said, “We are extremely pleased to have an icon of Indian manufacturing as our advisor. Mr Tata’s contribution to the manufacturing sector has been inspirational and we look forward to his guidance as we steer the company towards transforming the buying and selling process for manufacturers in the country.”
Ratan Tata has already made investments in many e-commerce and new-age technology enabled companies in his personal capacity. His recent investments include Dogspot.in, Firstcry and Teabox. His earlier investments include those in Snapdeal, Kaaryah, Urban Ladder, CarDekho, Xiaomi and Ola.