Moglix raises $120 mn, turns unicorn
Moglix, a business-to-business (B2B) e-commerce platform for manufacturing goods, on Monday said it has raised $120 million from investors at a valuation of $1 billion.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Co., with participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway. The company was valued at close to $300 million when it last raised $60 million in July 2019. With the current equity infusion, the total funds raised by Moglix has reached $220 million.
The six-year-old startup provides manufacturers with industrial goods through its e-commerce platform and is building an operating system for manufacturing that provides its customers with 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 are glad that Falcon Edge Capital and Harvard Management Co. 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 Garg, founder and chief executive of Moglix.
Moglix claims to provide solutions to more than 500,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK and UAE.
The company also works with Hero Motocorp, Vedanta, Tata Steel, Unilever and state-run companies such as Air India and NTPC to help them procure manufacturing material through the Moglix platform.
The company currently has a supply chain network of more than 16,000 suppliers across 35 warehouses and lists more than 500,000 stock-keeping units on its online marketplace.
“We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO (maintenance, repair and operations) 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. Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers,” said Navroz D Udwadia, co-founder of Falcon Edge Capital.
Moglix is backed by Ratan Tata, chairman emeritus of Tata Sons; Kalyan Krishnamurthy, CEO of Flipkart; and former Google executive, Shailesh Rao.