Moglix, India’s largest and fastest-growing B2B commerce company, announced closure of its Series D round of funding of $60 million. It was led by Tiger Global, Sequoia India and Composite Capital. Rahul Garg, founder and CEO of Moglix, said, “We are excited to lead procurement transformation, building the right distribution model for modern India. I believe this change will impact how Indian suppliers, buyers, and overall B2B supply chain will shape up in the coming century. We are glad to have Tiger Global, Sequoia India and Composite Capital, join us in the journey. It is great to see how Moglix is on a major upsurge, growing at 300 percent YOY with an exuberant team. The funds will be critical in fueling expansion efforts by optimizing efficiencies in our focus areas such as technology innovation, analytics, and building & owning a wide logistics infrastructure network. We foresee an immense strength and scope of innovation in the B2B commerce space and the sectors we operate in.” Tejeshwi Sharma, Principal, Sequoia Capital India Advisors, said, “We believe that technology will play a crucial role in upgrading supply chain in India for the 21st century. Moglix is building two unique assets simultaneously - physical infrastructure and a direct-to-enterprise distribution – to re-imagine indirect procurement in India. Sequoia India has been tracking the company for a while and is inspired by its commitment to this space.”
Lendbuzz Secures $150 Million for Car Financing Platform
Lendbuzz, a fintech company that aims to disrupt the existing car financing market using machine learning algorithms, has secured an additional $150 million in debt and equity financing. The equity funding round was led by 83North with significant participation from existing investors. This raise follows a $30 million debt funding round that was completed only 12 months ago. Lendbuzz's financing model – powered by machine learning and proprietary algorithms – allows it to better assess the creditworthiness of consumers with limited U.S. credit history, who are underserved by traditional banks despite their potentially high creditworthiness. Operating within the auto lending space, the company partners with auto dealerships to offer customers attractive financing solutions. In 2018, Lendbuzz’s loan origination grew 320 percent, and the company increased its dealership network across the country to include key markets, such as California and Florida. According to various estimates, more than 43 million foreign born nationals live in the U.S., of which 27 million are working professionals. Lendbuzz taps into this large market, providing credit solutions for customers with solid financial backgrounds who find themselves without proper credit solutions. Amitay Kalmar, Indian American co-founder and CEO of Lendbuzz: "This is a significant step forward for Lendbuzz. The capital will allow us to further accelerate our fast-growing car financing platform and enhance our ability to provide the best terms to borrowers that do not have an established U.S. credit history.”
Wolters Kluwer's ELM Solutions Builds Pharmacy Building in India
Wolters Kluwer’s ELM Solutions announced it has partnered with Sevalaya to build a Pharmacy building in Kasuva, India. The Pharmacy building is part of ELM Solutions’ ongoing commitment to positively impact local communities where the firm has a presence. Sevalaya is a 30-year-old non-governmental organization that serves the rural poor in the Chennai area. The organization runs an orphanage, a free school for the children at the orphanage and the surrounding village, a free medical center, a library, and a residential facility for senior citizens. Executives from ELM Solutions’ leadership team traveled to India to participate in the opening ceremony. The inaugural events also included the donation of an ECG Machine for Sevalaya’s Medical Centre as well as 200 bed sheets for children in the orphanage. “We are grateful to ELM Solutions for providing the resources needed to build the Pharmacy and expand the medical services we offer. We are pleased to have found a partner in ELM Solutions that shares our dedication to the local community,” said Amarchand Jain, Sevalaya adviser. Wolters Kluwer’s ELM Solutions is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust our innovative technology and end-to-end customer experience to drive world-class business outcomes.
Mahendra Kumar Trivedi's Book Hits No. 1 International Best Seller List
Mahendra Kumar Trivedi's book hit the No. 1 International Best Seller list on Amazon for Preventive Medicine. Trivedi has authored hundreds of science-related books and papers. Recently, "Thermal and Physical Properties of Biofield Treated Bile Salt and Protesose Peptone" became a No. 1 International Best Seller on Amazon for Preventative Medicine and eight additional categories including Nosology, Biophysics, Preventive Medicine, Biochemistry, Medical Technology, Pathophysiology, Molecular Biology, Science Reference, and 45-Minute Science and Math Short Reads. Trivedi's book "Thermal and Physical Properties of Biofield Treated Bile Salt and Protesose Peptone" focused on the scientific results of experiments on biofield energy treatments on Bile salt and proteose peptone which are important biomacromolecules being produced inside the human body. The overall results showed that biofield treatment has significantly altered the physical and thermal properties of Bile salt and Protesose Peptone.
By GIOVANNI ALBANESE Jr., India-West Staff Reporter