CHENNAI: B2B industrial goods marketplace Moglix has raised $120 million in a Series E funding round that has valued the startup at over $1 billion.
The investment was led by Falcon Edge Capital and Harvard Management Company (HMC) and also saw participation from its existing investors, Tiger Global, Sequoia Capital India and Venture Highway.
With this, Moglix becomes the 13th unicorn from India in 2021. The startup joins another B2B marketplace for construction materials Infra.Market to be one of the rare B2B e-commerce platforms in the manufacturing space to reach the elite unicorn group.
This latest round of funding takes the total funds raised by Moglix to $220 million. Accel Partners, Jungle Ventures and Venture Highway have been the earliest investors in the company. Moglix has also received investments from Tiger Global, Sequoia Capital India, International Finance Corporation and Composite Capital among others. Ratan Tata also invested in the startup in 2016.
Founded in 2015 by IIT-Kanpur and ISB alumnus Rahul Garg, Moglix is building an operating system that provides its customers a full stack service covering procurement, packaging, supply chain financing and integrated software.
Moglix also recently launched Credlix, a supply chain financing platform for suppliers and manufacturers and aims at using the funding to drive around Rs 1,000 crore of financing in the coming year under this business vertical.
“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. 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,” Rahul Garg, founder and CEO, Moglix, said.
Moglix provides its solutions to over five lakh 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 over 16,000 suppliers, over 35 warehouses and logistics infrastructure.