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Accel Partners And Jungle Ventures Invest In Moglix
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Moglix, a Noida-based startup that operates as a global marketplace from India/ Singapore for Business and Industrial supplies has raised capital from Accel Partner and Jungle Ventures.
Founded by Rahul Garg earlier in 2015, a former Google employee with extensive experience building global products and running sales across Asia, Moglix is an online-first sales and marketing engine for Asian brands and sells over 100 countries across the world.
The funds raised will be used to enhance the technology platform, building a deep merchant base across Asia as well as marketing to customers across the Globe.
“The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24 per cent of the Indian exports worth $300 billion+. Hence, this market has also been a strong focus area for Make In India initiatives,” said Rahul Garg, CEO & Co-Founder of Moglix, in a statement released to the media. A large part of this trade remains offline and happens via traditional B2B channels, while the buyers are increasingly moving online. “We believe we can play a significant role in bringing them together online,” added Garg.
Moglix is looking to boost the global trade from Asia, via Internet. The company currently focuses on business and industry supplies which include electricals, lighting, hardware and tools broadly referred as engineering goods. Some of the companies that already sell their products via Moglix include Havell’s, Larsen and Toubro, C&S Electric, Anchor, Bajaj, Unbrako, Caparo, Ambika and Taparia.
Subrata Mitra, Managing Partner of Accel Partners said: “Accel has always believed in disruptive startups looking 3-5 years ahead where we think technology can make an impact.” Echoing the same sentiment, Amit Anand, Managing Partner of Jungle Ventures said: “Moglix’s vision of disrupting the category by creating a global market place out of Asia is unique and scalable. With Rahul’s experience working across Asia-Pacific driving technology changes we are pretty confident of the impact in the industry that Moglix has set out to create.”
So far, 2015 seems to be the year of startups with young entrepreneurs increasingly churning out winning ideas and attracting huge dollars in funding. So much so, that ithe risk capital market, there is growing chatter that venture market is the place to watch out for. In the first half of the current calendar year, as many as 363 venture capital deals were sealed, three times more than the number of private equity deals, which stood at 99, as per data available with Grant Thornton.
Accel was recently in news for funding Bangalore-based mobile technology start-up Mubble that earlier raised its seed funding from Infosys co-founder Nandan Nilekani. Jungle Ventures is based out of Singapore ad provides early stage investments and to startups across Asia. It was founded in 2010.