Priyanka SahayMoneycontrol Bureau
Ratan Tata-backed business to business (B2B) industrial products marketplace plans to set up three more warehouses as it aims to expand geographically across the country this year, according to a top executive of the company.
"In 2017, we plan to have a total of at least six warehouses with 1000 sq feet capacity each," said Rahul Garg, founder and chief executive officer of Moglix.
It already has three warehouses across Delhi-NCR and Pune.
Founded in August 2015 by Rahul Garg, the company currently caters to 200 customers and aims to raise it to at least 1,000.
It sells 28 categories including electricals, power tools, office supplies and plumbing.
It also plans to expand the categories on the site. "Head or torso level categories we already have. Now there are more specialised categories, like chemicals, we don't do as many. Need to go deeper in that category. It is more becoming now industry specific," he said.
Talking about affect following the Modi government's demonitisation drive, Garg said Moglix saw some hit in the business in November but that is more about flattening versus growth impact.
"The area that we would worry about is that, what happens if our automotive industry shrinks because then there will be more and more pressure… if there is a macro-phenomenon which affects the overall manufacturing of auto, electrical, chemical or pharma...But that is yet to be seen," said Garg.
He said that overall, even though the short term the consumption is going down, trend will go off in the next 3 to 6 months.
Before investment from Tata, Moglix had raised Rs28 crore in a series A funding round led by Accel Partners. Jungle Ventures and Seedplus also participated in the round.
In December, it also announced the launch of its goods and services tax technology for the manufacturing sector. It will power the small and medium enterprises and large suppliers to file indirect taxes.priyanka.sahay@nw18.com Follow @priyankasahay
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