Industrial Shopping Startup Moglix Secures $12 Million

Moglix announced it has secured $12 million in Series B financing. Six investors participated in the round, among them International Finance, Rocket Ventures, Accel Partners, and Jungle Ventures.

Moglix was started in 2015 by a group of young entrepreneurs with a mission to bring revolutionary solutions to the global e-commerce. Moglix.com is an online platform and a one-stop shop for almost all the needs of industrial tools (power tools, hand tools, adhesives, safety and security tools, electricals, and so forth). The team brings experience from large global and e-commerce companies, including Google, Amazon, and Snapdeal.

The company revealed that proceeds will be used to develop its supply-chain management technology and to expand into more manufacturing hubs.