Moglix raises USD 120 million, joins unicorn club
Moglix provides solutions to more than 5 lakh SMEs and 3,000 manufacturing plants across India, Singapore, the UK, and the UAE.
Ratan Tata-backed Moglix announced that it is the first industrial B2B commerce platform in the manufacturing space in India to join the unicorn club raising $120 million in fresh funding. The company on Monday declared it has raised USD 120 million (about Rs 878.8 crore) in funding from Falcon Edge Capital, Harvard Management Company (HMC), and others, placing the industrial B2B e-commerce platform in the unicorn club.
The series E round also saw participation from existing investors, Tiger Global, Sequoia Capital India, and Venture Highway.
Tata’s trust
The Chairman Emeritus of Tata Sons, Ratan Tata, had invested an undisclosed amount in the B2B marketplace in 2016.
The founder and CEO of Moglix, Rahul Garg said, “We started six years ago. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a USD 1 trillion manufacturing economy in India. Today, as we enter the next stage of our evolution, we feel this financing milestone is a testimony to our journey of innovation and disruption.”
Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies, will guide Moglix through the next phase of its journey, he added.
The company has also received funding from other industry leaders like Kalyan Krishnamurthy (Flipkart CEO) and Shailesh Rao (former Google executive).
Navroz D Udwadia, the co-founder of Falcon Edge Capital, said Moglix’s distinctive customer value proposition and return on investment are visible in its customer and revenue retention numbers.
Tiger Global, which participated in the series D round in 2019, has also invested in the latest round.
“Moglix is a market leader and we expect they will grow rapidly with high returns on capital,” Scott Shleifer, Partner at Tiger Global Management, said.
Founded in 2015, Moglix provides solutions to more than 5 lakh SMEs and 3,000 manufacturing plants across India, Singapore, the UK, and the UAE. It has a supply chain network of over 16,000 suppliers and more than 35 warehouses and logistics infrastructure.
The latest round – which pegs the valuation of Moglix at USD 1 billion – takes the total funding raised by the company to USD 220 million.
Accel Partners, Jungle Ventures, and Venture Highway have been the earliest investors in the company. Subsequently, it has received investments from Tiger Global, Sequoia Capital India, International Finance Corporation, and Composite Capital among others.