Moglix, an India marketplace for industrial tools like spanners, wrenches, drills and meters has raised seed funding led by Accel Partners and Jungle Ventures. The raised funding is expected to be between $1 to $1.5 million.
Founded by Rahul Garg, Moglix operates as a sales and marketing engine for Asian brands to permeate globally. Launched only two months back but till date it has roped in more than two hundred brands like Havell’s, Larsen and Toubro, C&S Electic, Anchor, Bajaj, Unbrako, Caparo, Ambika, Taparia and many more.
About the company, Garg said, “The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24 per cent of the Indian exports worth over $300 billion. Hence, this market has also been a strong focus area for Make In India initiatives. A large part of this trade remains offline and happens via traditional B2B channels while the buyers are increasingly moving online. We believe we can play a significant role in bringing them together online.”
With the fresh funds, Moglix plans to invest in improving the technology platform, develop a deep merchant base across Asia and global marketing efforts to rope in consumers. The startup aims to play a big role in simplifying and boosting global trade from Asia through the internet that is pegged at $1 trillion.