Moglix raises $23mn in its Series C funding round
Founded in 2015, Moglix has fully disrupted the supply chain and manufacturing industry across India. Connecting manufacturing OEM’s and resellers with equipment buyers, the company has gained $23mn in Series C funding, led by existing investors Accel Partners, Jungle Ventures, Venture Highway, ex-Vice President of Twitter, Shailesh Rao and more.
Impressively, the start-up has also received the support from the former chairman of manufacturing juggernaut Tata Sons Ratan Tata.
As the B2B industry continues to boom across the country, Moglix is keen to tap into this growth and transform its manufacturing and supply chain capabilities. At present, the country accounts for 90% of transactions, according to TechCrunch, leading the business to explore international markets.
With 10 centres scattered around India, catering to B2B, B2C and manufacturing businesses, its operations are supported by more than 5.000 suppliers and SME’s. Set to utilise sophisticated data analytics to further its SaaS procurement services and logistics networks, its vision is to deliver world-class, digitally led, supply chain solutions.
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“The funds will play a critical role in fuelling our expansion efforts by optimising efficiencies in our focus areas such as technology innovation, analytics and building a wide logistics infrastructure network,” said Rahul Garg, founder and CEO, Moglix. “We are now focused on our next phase of growth across diverse markets. We will continue to bring in new talent and strengthen our talent base.”
“Today, the manufacturing sector is $300bn in size and has the potential to reach $1trl by 2025. We foresee immense potential and scope of innovation in the B2B commerce space. We have seen rapid adoption of Moglix MRO Buyer Terminal and Digital Supply Chain products across auto, FMCG and heavy engineering customers. This enables our clients to have enhanced transparency and visibility for their indirect and direct procurement spend and contracts across plants.
We expect to have 18-25 distribution centres over the next 12-15 months, up from our current 10 hubs.,” he added.
Raising $12mn in Series B funding, the company continues to make significant financial gains, and has recently been recognised by Deloitte’s 14th Technology fast 50 India programme. Awarded first place, the company is the second company since 2005 to achieve a growth exceeding 10,000% as a result of its impressive revenue growth.
Pandora and IBM digitise jewellery supply chain
Pandora has overhauled its global supply chain in partnership with IBM amid an ecommerce sales boom for its hand-finished jewellery.
The company found international success offering customisable charm bracelets and other personalised jewellery though its chain of bricks and mortar retail destinations. But in 2020, as the COVID-19 outbreak forced physical stores to close, Pandora strengthened its omnichannel operations and doubled online sales.
A focus on customer experience included deploying IBM’s Sterling Order Management, increasing supply chain resiliency and safeguarding against disruption across the global value chain.
Pandora leverages IBM Sterling Order Management as the backbone it its omnichannel fulfilment, with Salesforce Commerce Cloud powering its ecommerce. Greater automation across its channels has boosted the jeweller’s sustainability credentials, IBM said, streamlining processes for more efficient delivery. It has also given in-store staff and virtual customer service representatives superior end-to-end visibility to better meet consumer needs.
Jim Cruickshank, VP of Digital Development & Retail Technology, Pandora, said the digital transformation journey has brought “digital and store technology closer together and closer to the customer”, highlighting how important the customer journey remains, even during unprecedented disruption.
"Our mission is about creating a personal experience and we've instituted massive platform changes with IBM Sterling and Salesforce to enable new digital-first capabilities that are much more individualised, localised and connected across channels and markets,” he added.
Pandora’s pivot to digital
The pandemic forced the doors closed at most of Pandora’s 2,700 retail locations. To remain competitive, it pivoted to online retail. Virtual queuing for stores and virtual product trials via augmented reality (AR) technology went someway to emulating the in-store experience and retail theatre that is the brand’s hallmark. Meanwhile digital investments in supply chain efficiency was central to delivering on consumer demand.
“Consumer behaviour has significantly shifted and will continue to evolve with businesses needing to quickly adapt to new preferences and needs,” said Kareem Yusuf, General Manager, AI Applications and Blockchain, IBM. “To address this shift, leading retailers like Pandora rely on innovation to increase their business agility by enabling and scaling sustainable supply chain operations using AI and cloud.”
Yusuf said Pandora’s success was indicative of how to remain competitive by “finding new ways to create differentiated customer experiences that protect their enterprises from disruptions to help mitigate risk and accelerate growth”.