Moglix, a business to business industrial goods e-marketplace has found a new investor - Kalyan Krishnamurthy, the Chief Executive Officer of Flipkart. Moglix is backed by famous industrialist Ratan Tata. Mr Krishnamurthy is investing the e-commerce firm in his personal capacity.
Recently, during the month of December, Moglix had raised an investment amount to the tune of $23 million via Series C funding. The company has a total manpower of 450 individuals and operates over 12 locations in India and mainly provides services to both individual customers (business to consumer) and institutional customers (business to business).
Moglix as a company focuses on fast moving consumer durables market, metals, automotive, mining.
In a statement, the CEO of Flipkart - Kalyan Krishnamurthy stated that "I am happy to join the Moglix team as an investor in my personal capacity. Moglix, under Rahul's leadership, has charted impressive growth in the B2B commerce space and is creating 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,".
The existing investors of Moglix's include Venture Highways, Accel Partners, International Finance Corporation (IFC) which is part of the World Bank Group, Jungle Ventures, InnoVen Capital and Shailesh Rao.
The funding by Mr Krishnamurthy is likely to strengthen the financial stability of the Moglix additionally.