Moglix raises $120 mn, becomes unicorn
NEW DELHI: Moglix on Monday said it has raised $120 million (about ₹878.8 crore) in funding from Falcon Edge Capital, Harvard Management Company (HMC) and others, placing the industrial business-to-business (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.
“We started six years ago... 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,” Moglix founder and chief executive officer (CEO) Rahul Garg said.
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.
Navroz D Udwadia, 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 500,000 small and medium enterprises (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 $1 billion—takes the total funding raised by the company to $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. Veteran industrialist Ratan Tata invested in Moglix in 2016. The company has also receiving funding from other industry leaders like Kalyan Krishnamurthy (Flipkart CEO) and Shailesh Rao (former Google executive).