After whopping $23 mn funding, now Flipkart CEO Kalyan Krishnamurthy personally invests in Ratan Tata-backed Moglix
Moglix, a Ratan Tata-backed company and B2B industrial goods e-marketplace, today announced an expansion in its investor base with a personal investment from Kalyan Krishnamurthy, CEO of Flipkart.
Moglix, a Ratan Tata-backed company and B2B industrial goods e-marketplace, today announced an expansion in its investor base with a personal investment from Kalyan Krishnamurthy, CEO of Flipkart. However, the investment amount has not been disclosed yet. The investment is Krishnamurthy’s first individual backing of a company in the B2B e-commerce space and follows a Series C funding round that raised USD 23 million for Moglix in December.
Speaking on the announcement and confirming the development, Flipkart CEO Kalyan Krishnamurthy said, "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."
Welcoming the investment from Kalyan Krishnamurthy, Rahul Garg, Founder & CEO, Moglix said, “It’s great to have Kalyan back us as an investor and join an illustrious list of global investors who have believed in Moglix’s potential. Kalyan has played an important role in shaping e-commerce in India and his experience in scaling businesses will serve as a guiding light for us as we execute on our vision to transform B2B commerce and the Indian manufacturing sector using technology and innovation.”
India’s B2B e-commerce market is expected to expand significantly over the coming decade. Research suggests it will likely assume a size that will be double the estimated USD 200 billion market of B2C e-commerce by 2026.
Moglix was recently recognised as the fastest growing company in APAC (ex-China) by Deloitte’s Technology Fast 500 Asia Pacific Program. Its Board of Advisors has manufacturing and technology experts including Tata Group Chairman Emeritus Ratan Tata, Jeff Epstein, former CFO of Oracle, Vikrampati Singhania, Director, JK Group, Jim Baum, former President and CEO, Netezza and Shailesh Rao, Ex-VP Twitter and Google.
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