Moglix Secures $23 million in a Fresh Funding Round
MogliLabs, which owns and operates B2B industrial goods marketplace Moglix, has raised $23 million (about Rs 164.57 crore) in a fresh round of funding, which was led by marquee venture capital firm Accel Partners US and existing investor International Finance Corp (IFC).
The latest round of funding comes about 15 months after the Singapore and Noida-based company, which also counts Accel India, Jungle Ventures, IFC and former WhatsApp senior executive Neeraj Arora among its list of backers, closed its $12 million Series B equity financing round in July last year.
“Today, the manufacturing sector is $300 billion in size, and has the potential to reach $1 trillion by 2025. However, the adoption of technology is less than 1% currently…We foresee immense pot...