Bengaluru, Feb 8 (IANS): To encourage entrepreneurship, Tata Sons chairman emeritus Ratan Tata on Monday announced investing an unspecified amount in two more start-ups Moglix and Invictus Oncology, which are based in New Delhi.
As an e-commerce firm, Moglix specialises in procurement of industrial products in business-to-business (B2B) space, while medical firm Invictus is an innovation-driven firm developing next-generation cancer therapeutics.
By investing in Moglix, Tata has forayed into a manufacturing tech-start-up as an investor, adding to his varied portfolio of e-commerce and new-age tech-enabled firms.
"With his expertise in the manufacturing sector, Tata will play an important role in mentoring Moglix on business growth, global expansion and leadership," the company said in a statement.
Founded by Rahul Garg, an ex-Google geek, Moglix is focused on disrupting B2B industrial products space for suppliers and buyers the world over.
"We are pleased to have an icon of Indian manufacturing as our advisor. Tata's contribution to the manufacturing sector has been inspirational and we look forward to his guidance to steer the company in transforming the buying and selling process for manufacturers across the country," Garg said in a statement.
Moglix recently raised undisclosed pre-series A funding from venture fund Accel Partners and Jungle Ventures to enhance its e-platform, build a wider supplier base and increase marketing spend across Asia.
In Invictus, Tata has invested as part of its series A financing round along with institutional investors Navam Capital and Aarin Capital.
"The funds will be used to advance our lead molecule to complete phase-one clinical studies and to file a second investigational new drug application, which translates into substantial value inflections for us over the next 18 months," Oncology said in a statement.
Invictus Oncology employs a supra-molecular technology platform to design anti-cancer drugs that home into the tumour and modulate the tumour immune response.
"Tata's investment is an affirmation of the technology quality we have developed. We are getting good traction from investors in India and overseas," Oncology co-founder and Harvard Medical School assistant professor Shiladiyta Sengupta said in the statement.
In the past 18 months, Tata has invested in a slew of start-ups, including Infinite Analytics Inc., Snapdeal, Paytm, Ola, Tracxn Technologies, Dogspot.in and Zivame.