New Delhi: Moglix, the Ratan Tata-backed startup, 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 $1 billion in its latest $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.
Moglix is India’s largest and fastest growing B2B commerce platform in the industrial & MRO procurement space with a clear first-mover advantage. The Company 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.
“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,” said Rahul.
Tiger Global, which participated in the Series D round in 2019, has also invested in the latest round.
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.
Moglix also has an award-winning suite of software products for contract management and B2B Commerce. Global FMCG giant Unilever uses the platform for ~$30 billion of material spend annually in 70+countries.
Moglix recently launched Credlix, a supply chain financing platform for suppliers and manufacturers and expects to power INR 1000 crore of financing in the coming year.
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 in-subsequent rounds received investments from leading global venture capital funds such as Tiger Global, Sequoia Capital India, International Finance Corporation and Composite Capital among others.
Ratan Tata, Chairman emeritus, Tata Sons had invested in the startup in 2016. Leaders from the start-up and manufacturing communities such as Kalyan Krishnamurthy, CEO Flipkart, Vikrampati Singhania, MD, JK Fenner and Shailesh Rao, Ex-Google have been investors in Moglix.