Leading industrialist Ratan Tata has recently invested in MOGLIX, an e-commerce company. Moglix specializes in B2B (business to business) procurement in products like MRO's, fasteners and industrial electrical with manufacturers across India, China and many other Asian countries.
This is Tata's sixth investment of the year after making sheer investments in the companies like First Cry, TeaBox, Tracxn, CashKaro, and DogSpot.in. Tata has invested an undisclosed amount in Moglix and with his keen interest and expertise he will play an important role in mentoring the company business strategies, leadership and global expansion, as reported in The Hindu.
Tata has made a huge investments in the e-commerce firms like Snap deal, Urban Ladder, Bluestone etc. The industrialist has been an active investor for cab aggregators like Ola, CarDekho etc.
Moglix was founded back in August 2015 by Rahul Garg, an ex-employee of Google. It focuses on the distribution of B2B industrial products chain by connecting suppliers or buyers across the globe.
As far as the technology is considered, Indian manufacturers have been slow to adopt the technology, leading to process inefficiencies and limited marketing exposure. Therefore, Moglix recently rose pre-Series A funding from Accel Partners and Jungle Ventures. The funds are to be used to enhance the technology platform as well as the marketing spends across Asia, noted Business Standard.
"We are extremely pleased to have an icon of Indian manufacturing as our advisor," said Rahul Garg, founder and chief executive officer of Moglix. "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," he added.
"The Make in India programme, when combined with the digital initiatives in the country, has great potential to play a transformative role in India's manufacturing sector. We need to attract young entrepreneurs to commit to the "Make in India" initiative for it to succeed," added Garg.
The Government of India has been taking necessary initiatives in driving the manufacturing growth through Make in India and Digital India campaigns. Moglix aims to steer itself to build on those initiatives and maintain a steady growth in this business. Though globally, the top investors have focused towards the adoption of technology for procurement and sales, the Indian market is still very slow for perceiving the technology, yet the company will set its feet with Indian shoes very soon.
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