Moglix B2B industrial marketplace has expanded its footprint in the UK and European markets, this major decision came into the picture due to coronavirus pandemic when countries are in need of PPE (personal protective equipment’s) and other supplies.
Moglix Expansion Announcement
According to Business Today
, Moglix founder Rahul Garg along with other startups and VCs had signed a letter and approached the Prime Minister and the Finance Minister for seeking financial package to deal with COVID-19 impact.
Moglix decision was little surprising for expansion in the current time as coronavirus is shaking up business and consumer behavior on the massive scale, entire Europe is under lockdown and the UK is one of the worst-hit regions by a coronavirus.
Due to nationwide lockdown in India, a lot of promising startups is facing a business and profit heat, due to which a lot of company has to go for pay cuts and freeze hiring.
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However, Well funded Moglix is in a comparatively better position as compared to its competitors to deal with lockdown impact.
According to crunchbase Moglix has raised over $102.2 million from the likes of Tiger Global, Sequoia Capital, Accel Partners, Jungle Ventures, Venture Highway and International Finance Corporation.
