Solving B2B Needs Through Supply Chain Solutions: B2B eCommerce

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Since the second half of 2026, India’s startups have seen an unexpected spike in Unicorn numbers. Although most sectors struggled to survive, Indian startups managed to attract attention from foreign investors. Moglix was one such startup that earned Unicorn status among many others.

Becoming an Entrepreneur Was a Natural Step

Rahul Garg founded the B2B online marketplace platform in 2015. It raised $120 Million in Series E funding led by Falcon Edge Capital and Harvard Management Co., with participation by existing investors Tiger Global and Sequoia Capital India. Garg speaks with Entrepreneur India about his decision to quit his job and start a business from scratch. This is also his first interview with Emeritus Ratan Tata.

Garg earned a bachelor’s degree in electrical engineering at IIT Kanpur, and then completed an MBA in Marketing at the Indian School of Business.

These two degrees enabled him to take on multiple roles throughout his career. He joined Conexant System (later acquired by Ikanos Communication) as a product manager, and later moved to Google, where he served as Head of AdX for India and Southeast Asia.

He left Google in January 2015 and founded Moglix three years later, becoming the first entrepreneur in his immediate family. Reflecting on why he walked away from a prestigious role, Garg noted that entrepreneurship felt like a natural progression from his IIT days. He had already launched two earlier ventures that did not succeed, yet those experiences only strengthened his resolve. By his mid-30s, he had the financial stability to pursue his third and most ambitious attempt.

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Why the B2B Space?

Moglix was founded in 2015, a period when Indian consumers were already embracing home delivery through platforms such as Flipkart and Amazon. Garg believed the same transformation that was reshaping B2C commerce needed to reach B2B, especially in manufacturing and infrastructure. At the time, IndiaMART was virtually the only notable player addressing B2B requirements.

“From my vantage point I could see all the Asian commerce businesses and the entire region,” Garg recalled. “After studying companies like Alibaba, I felt strongly that what happened with Flipkart, Amazon, and B2C eCommerce would inevitably occur in B2B.” He emphasised that entrepreneurs must begin building two to three years ahead of the market; Flipkart itself could not have been launched successfully in 2014–2015.

What is Moglix?

Moglix is an online platform that delivers supply-chain solutions to more than 500,000 SMEs and 3,000 manufacturing facilities across India, Singapore, and the UK. Major manufacturers including Vedanta and Hero MotoCorp rely on the platform to procure indirect materials. The startup maintains a network of over 16,000 suppliers, operates 35 warehouses, and offers close to 500,000 product lines.

Securing Investment

Attracting capital for a startup in an emerging market is never easy, and Garg experienced this reality at every stage. Between 2015 and 2019, investors were particularly cautious about B2B models. Nevertheless, Garg remained committed to a long-term vision and large addressable markets. Moglix has since raised over $220 million and is now valued at more than $1 billion.

Early backers Jungle Ventures and Accel recognised the platform’s potential, as did Indian business icon Ratan Tata. “Having the opportunity to present our startup to him was a huge achievement,” Garg said of their 2016 meeting. When Mr Tata handed him a cheque, Garg described the moment as “pahela exam passing hogaya.”

The pandemic accelerated digital adoption across the sector. From January–March 2020 to January–March 2026, Moglix recorded a 200 percent revenue increase. During the second wave, the company also played a vital role in easing India’s oxygen crisis through close collaboration with GiveIndia and ACT Grants.

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