The online platform allows traders, manufacturers and brands to sell their products through an app, which has interfaces in Kannada, Malayalam, Hindi and English.
Moglix lists products from 1 lakh small and medium enterprises and serves the digital procurement needs of over 200 large enterprises such as Havell's, India Forge and others.
Part of the infusion could also be towards strengthening the network ahead of the festive season, the biggest sale event online.
The two fashion portals together have been responsible for the growth of Flipkart's dominance in the fashion category.
The teams competing in the hackathon also includes entries from Seattle, Dubai and Bangladesh.
Online marketplace approaches Burman Family Holdings and family office of Infosys co-founder Kris Gopalakrishnan to create joint ventures.
According to the All India Online Vendors Association, several merchants do not want to continue selling online in the next tax regime.
The marketplace plans on launching multiple private labels in furniture, fashion and decor ahead of the start of the festive sale season.
Under new rules, ecommerce companies like Flipkart and Amazon will have to display the country of origin on their online product pages.
The current investment is the fifth in an early-stage company by Shooting Star, which was set up in March 2016.
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