[Funding alert] B2B ecommerce startup Moglix joins unicorn club after raising $120M in Series E round
, a Noida-based B2B industrial goods ecommerce marketplace, on Monday announced that it has raised $120 million in Series E round led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors including Tiger Global, Sequoia Capital India and Venture Highway also participated in this round.
With this round, Moglix becomes the first industrial B2B commerce platform in the manufacturing space, to become a unicorn.
This latest round of funding takes the total funds raised by Moglix to $220 million.
Leaders from the startup and manufacturing communities such as Kalyan Krishnamurthy, CEO, Vikrampati Singhania, MD, JK Fenner and Shailesh Rao, ex-Google have been investors in Moglix.
Founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, Moglix aims to digitally transform the supply chain of the manufacturing sector in India. It provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
Speaking about the new development, Rahul Garg, Founder & CEO, Moglix, said,
“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."
"In these unprecedented times, we have pledged our support and disruptive thinking to help solve the challenge 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 creating a full stack operating system for manufacturing in India and globally. We are looking to add new solutions and products for the manufacturing ecosystem. We are also planning to scale our operations globally and in India during the year
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.”
Commenting on the occasion, Navroz D. Udwadia, co-founder of Falcon Edge Capital said,
"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.
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.”
With close to 500,000+ SKUs, Moglix has a supply chain network of 16,000+ suppliers, 35+ warehouses and logistics infrastructure, making its marketplace the largest ecommerce platform in the industrial goods category in India.
Recently, it has launched Credlix, a supply chain financing platform for suppliers and manufacturers, and expects to power Rs 1000 crore of financing in the coming year.