Moglix, an e-commerce company specialising in B2B procurement of industrial products, has announced an undisclosed financial investment in the company by renowned industrialist, Ratan Tata.
This marks Tata’s entry as an investor in a manufacturing tech-startup, adding to his varied portfolio of e-commerce and new-age technology enabled companies. Tata will play an important role in mentoring Moglix on business growth, global expansion and leadership.
As the Government is aggressively driving manufacturing growth in India through the Make in India and Digital India campaigns, Moglix is passionate about steering the company to build on the initiatives. The company is focused on bringing technology and manufacturing together to drive transparency, efficiency and scale for manufacturing companies within India, making them globally competitive and enabling the use of technology for procurement, sales and marketing, supply network optimization in both domestic and global markets.
Rahul Garg, CEO and Founder of Moglix, said,“We are extremely pleased to have an icon of Indian manufacturing as our advisor. Mr. 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. While globally, top manufacturers have evolved towards adoption of technology for procurement and sales – Indian manufacturers have been slow to adopt technology, leading to process inefficiencies and limited marketing exposure. Moglix strongly believes that the unorganized supply chain in India can only be solved with a technology-1st mindset. We are confident that Mr. Tata’s role as an investor and mentor will help us gain a strong foothold in the sector and realize our vision.”
Garg added, “The Make in India program when combined with the digital initiatives in the country have 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.”