Latest financing is a testimony to journey of innovation and disruption, says Garg
Moglix, India’s largest and fastest growing B2B commerce platform in the industrial & MRO procurement space, has reached an important milestone by becoming the first industrial B2B commerce platform, in the manufacturing space, to become a unicorn.
The company is said to be valued at US$1 billion in its latest US$120 million Series E funding round. The latest investment was led by Falcon Edge Capital and Harvard Management Company (HMC). This round of funding also saw participation from its existing investors, Tiger Global, Sequoia Capital India and Venture Highway.
This latest round of funding takes the total funds raised by Moglix to US$220 million.
Moglix is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India,” Moglix Founder and CEO Rahul Garg said in a release on 17 May 2021.
“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. In these unprecedented times, we have pledged our support and disruptive thinking to help solve the challe nge of effective distribution and sharing of oxygen concentrators covering 1M+ people in the country.
“Globally, we have also been instrumental, in this and the last year, in streamlining the PPE supply-chain and distribution across 20+ countries.
“We are glad that Falcon Edge Capital and Harvard Management Company (HMC) have partnered with us in this journey. Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies will guide us through the next phase of our journey.”
“We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms. We are strong believers in Rahul, his first mover advantage, his full-stack solution for under-serviced customers and his ability to drive robust unit economics,” added Navroz D. Udwadia, Co-Founder of Falcon Edge Capital.
Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. “We believe Moglix is now well poised to scale and we are thrilled to back the Company in the next phase of its growth,” he said.
“We remain excited about the team, market opportunity, and continued innovation. Moglix is a market leader and we expect they will grow rapidly with high returns on capital,” said Scott Shleifer, partner, Tiger Global Management, which also participated in the company’s Series D round in 2019.
Moglix was founded in 2015, by IIT Kanpur and ISB alumnus Rahul Garg. Moglix provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC procure indirect material through the Moglix platform.
Moglix has a supply chain network of 16,000+ suppliers, 35+ warehouses and logistics infrastructure. With close to 500,000+ SKUs, its marketplace, www.moglix.com is the largest e-commerce platform in the industrial goods category in India. #investment #startup #unicorns #fintech #technology /fiinews.com
