In his 1st solo personal investment, Flipkart chief officer (CEO) Kalyan Krishnamurthy has endowed AN unrevealed quantity in Noida-based Moglix, a business-to-business (B2B) industrial merchandise marketplace backed by switch Tata and World Bank’s United Nations agency.
With this investment, Krishnamurthy joins Moglix’s individual investors that has Jeff Epstein, former chief money handler at Oracle, and Vikrampati Singhania and Shailesh Rao, ex-vice presidents at Twitter and Google, severally, among others.
“I am happy to hitch the Moglix team as AN capitalist in my personal capacity. Moglix, underneath Rahul’s leadership, has charted spectacular growth within the B2B commerce area and is making a meaning impact on the producing business through innovative use of technology. it’s gratifying to be ready to support this home-grown industrial B2B leader at this necessary juncture,” Krishnamurthy aforesaid in a very statement.
It is not instantly clear whether or not Krishnamurthy can take AN informatory role at Moglix or if the deal could be a precursor to a possible business alliance between Moglix and Flipkart, India’s largest business-to-consumer e-commerce firm.
Started in 2015 by a former Google govt Rahul Garg with AN aim of transfer in revolutionary and exciting solutions to the world e-commerce, Moglix.com is a web platform and a 1 stop buy most the necessity of business Tools (Power Tools, Hand Tools, Adhesives, Safety & Security and Electricals).
Rahul Garg, Founder, and chief executive officer, Moglix aforesaid, “It’s nice to own Kalyan back US as AN capitalist ANd be part of an illustrious list of worldwide investors World Health Organization have believed in Moglix’s potential. Kalyan has contended a crucial role in shaping e-commerce in Republic of India and his expertise in scaling businesses can function a luminary for the US as we tend to execute on our vision to remodel B2B commerce and therefore the Indian producing sector victimization technology and innovation.”
Moglix, that competes with Tolexo and Industry buying, has raised a complete of $39.2 million in funding over six rounds, in keeping with the info by Crunchbase.
The Indian e-commerce market is predicted to achieve $120 billion by 2020, growing at AN annual rate of fifty and globally, the B2B e-commerce virtually doubling in size vis-à-vis the B2C e-commerce market and the Republic of India is not an exception to the current. because the country is protected by immense investments from international players, the Republic of India is predicted to be subsequent battleground within the domain.
“Kalyan has vied a vital role in shaping e-commerce in an Asian country and his expertise in scaling businesses can function a luminary for North American nation as we tend to execute on our vision to rework B2B commerce and therefore the Indian producing sector exploitation technology and innovation” same Garg.
Moglix presently caters to each institutional customers (B2B) and individual customers (B2C) within the producing sector. It presently focuses on the automotive, metals, mining, and fast-moving consumer goods (FMCD) markets and operates across twelve centers within the country.
The company has raised a complete $41 million in funding from investors like Accel Partners, Jungle Ventures, Venture main road, and InnoVen Capital.
Its board includes Tata cluster Chairman retired switch Tata, former Oracle chief financial officer Jeff statue maker, former Twitter and Google government Shailesh Rao, JK cluster director Vikrampati Singhania and former Netezza president Jim writer.