Flipkart chief executive Kalyan Krishnamurthy has invested an undisclosed amount in B2B industrial goods marketplace Moglix in an individual capacity.
This investment comes after the company raised $23 million in Series C funding led by Accel Partners US and existing investor International Finance Corp (IFC) in December last year.
At the time, Moglix founder & CEO Rahul Garg had stated plans to use the funds raised to ramp up its supply chain network, further build its team and its technology product suite.
“Moglix, under Rahul’s leadership, has charted impressive growth in the B2B commerce space and is creating a meaningful impact on the manufacturing industry through innovative use of technology. It is gratifying to be able to support this home-grown industrial B2B leader at this important juncture,” said Krishnamurthy in a statement.
“Kalyan has played an important role in shaping e-commerce in India and his experience in scaling businesses will serve as a guiding light for us as we execute on our vision to transform B2B commerce and the Indian manufacturing sector using technology and innovation” said Garg.
Moglix currently caters to both institutional customers (B2B) and individual customers (B2C) in the manufacturing sector. It currently focuses on the automotive, metals, mining, and fast-moving consumer durables (FMCD) markets and operates across 12 centres in the country.
The company has raised a total $41 million funding from investors like Accel Partners, Jungle Ventures, Venture Highway and InnoVen Capital.
Its advisory board includes Tata Group Chairman Emeritus Ratan Tata, former Oracle CFO Jeff Epstein, former Twitter and Google executive Shailesh Rao, JK Group director Vikrampati Singhania and former Netezza president & CEO Jim Baum.
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