Story behind the Breakthrough Investment of Ratan Tata
Leading entrepreneur and philanthropist Mr. Ratan Tata has recently marked his foyer as a major investor in a manufacturing tech-startup, Moglix. Moglix, is an Indian based e-commerce company devoting its utmost efforts in B2B procurement of manufacturers’ products.
Founded in Aug 2015, by a former-Google employee Rahul Garg, Moglix presently surpass in the attainment of B2B industrial products, such as electricals, safety, power tools, Lighting & Luminaries, hand tools, Measurement & Testing, etc. Moreover, Moglix is also having the association with numerous prominent distributors and manufacturers, across three major countries, including India, China, and different Asian countries.
Mr. Ratan Tata, Chairman Emeritus at Tata Sons had done unrevealed financial contribution in the startup, Moglix. Undeniably, This is Tata’s sixth major investment of 2016, after making five more momentous investment in emerging startups such as, Tracxn, Teabox, DogSpot.in, and Tracxn, First Cry, in January 2016.
The Truth behind the Investment made by Ratan Tata
What Makes Mr. Ratan Tata, Chairman Emeritus at Tata Sons, made such investment in a recently embarked startup?
Well, in epitome, Ratan Tata made the investment in Moglix, to revolutionize the Indian manufacturing industry with the inimitable unification of technology. Didn’t understand how? Read further.
When asked about the future of ever-increasing e-commerce interest in India, Tata said, “We need to impart these young entrepreneurs an opportunity to prove themselves, side by side, customary business.”
I believe that Indian commerce needs to be motivated. One needs to proffer mentoring to young people, to give them a viable opportunity. I feel very proud to see this novel sector emerging in the country,” He added.
He believes that E-commerce is a new trend in Indian business, which serves the billions of people just by being online. He wholeheartedly declares his wishes to proffer encouragement to the Indian enterprise.
According to legendary Ratan Tata, young Indian entrepreneurs need mentoring, to bring the change with their far-fetched ideas.
Moglix has also obtained a pre-series of funding from platforms such as jungle ventures and Accel Partners. These funds are being successfully utilized to augment the technology up front, and create a profound-inimitable supplier base, while radically enhancing the market spends.
When asked to Rahul Garg (Chief Executive Officer and Founder of Moglix) about the investment they have received from Indian icon Ratan Tata, He said “We are extremely pleased to have an icon of Indian manufacturing as our advisor. Mr. Ratan Tata 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,”
He added that, Top industrialists and manufacturers have advanced towards acceptance of technology for attainment and sales of their products. It’s true that Indian manufacturers have been slow and reluctant to adopt technology in the beginning, but now they are heading towards eradicating inefficiencies and expanding the pre-existed curbed marketing coverage.
Moglix vigorously believes that the knotty unorganized supply chain in India can only be catered with the technology-first outlook. We are positive that Rata’s Tata’s wisdom as a mentor and an investor, will assist us procure a robust clutch in the sector and converts our vision into an invincible verity.” He further added.
Moglix has been gleaning his ways, taking inspiration from Make in India and Digital India programs. We need to attract more of young and talented entrepreneurs to commit to this fruitful initiative for it to be succeeded.”