Tiger Global infuses $60 million Moglix

New Delhi: B2B commerce firm Moglix Thursday said it has closed a funding round of $60 million, led by investment firm Tiger Global. The series-D round also saw participation from Sequoia India and Composite Capital, the company said. Its current investors include Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons Chairman Emeritus Ratan Tata, it added.

"The funds will be deployed to create industrial distribution centres across India to cover all 25-plus major hubs for manufacturing by May 2020," it said.

The company is also starting an innovation garage called 'Moglix Innovation Hub (MIH)' for business-to-business (B2B) commerce and supply chain.

Under the initiative, Moglix will continue to invest in young and dynamic EIRs (entrepreneur in residence) to execute these ideas and has set aside a sum of USD 5 million for MIH, the statement said.

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