Moglix plans to expand its footprint

Moglix plans to expand its footprint

Moglix plans to expand its footprint

Moglix, an ecommerce company specialising in B2B procurement of industrial products, plans to expand its footprint.

Talking to DH, Moglix Founder and CEO Rahul Garg said, “We are evaluating a few industrial hubs in Tamil Nadu, Andhra Pradesh, Gujarat and West Bengal. We shall announce them in the coming months. We plan to extend this to three locations by the end of the year.”

Founded in 2015, Moglix has been backed by VCs and industry leaders. “We have raised seed funding of Rs 10 crore from Accel Partners and Jungle Ventures in October 2015, and an undisclosed round of funding from marquee investor Ratan Tata in February 2016,” Garg said.

“We endeavour to offer a tech-based procurement solution to manufacturing industries, and a self-serve ecommerce platform to thousands of SME buyers of industrial goods across the country,” Garg added.

The company specialises in B2B procurement of industrial products such as MRO, Fasteners, and Industrial Electricals. In order to cater to these requirements, Moglix has partnered with manufacturers and distributors across these categories and is working with several large manufacturing companies to completely transform the business-buying.

When asked about the customer base, Garg said, “We are serving some of the largest auto, electrical and PSUs in the country. Indian Oil, Indiaforge, C&S Electric are some of the buyers. We continue to grow our footprint of the business-buyers, and we expect to serve over one million medium to large enterprises in the coming years across the country. In the last one year, Moglix has etched a name for itself in the B2B space in India by acquiring over 100 business customers with 50% revenue coming from large organisations with a turnover of over Rs 100 crore.”

“We are looking at growing to Rs 1,000 crore run-rate (revenues) over the next three years. We are currently serving over 100 large manufacturing companies, and we expect to increase this to over 5,000 in the next three years,” Garg claimed.

“We are right now 110 people, and growing to 150 people in the coming months. We are hiring across engineering and business operations teams,” he added.

The manufacturing industry in India is $300 billion and is expected to grow to $1trillion by 2025. “Currently, we play in the Opex segment that can be dubbed anywhere from $20-$50 billion of that,” Garg said.