[Funding alert] B2B marketplace Moglix' valuation doubles after raising $250M
Moglix has raised $250 million in a Series F round of funding at a valuation of $2.6 billion.
![[Funding alert] B2B marketplace Moglix' valuation doubles after raising $250M](https://images.yourstory.com/cs/2/bc14afb0357911eca2270b39b804102d/CopyofImageTaggingNewBrandingEditorialTeamMaster-1643368839871.jpg?mode=crop&crop=faces&ar=2%3A1&format=auto&w=1920&q=75)
Business-to-business (B2B) ecommerce platform for industrial goods, , has seen its valuation jump to $2.6 billion within eight months of turning into a startup unicorn. The Singapore and Noida based company has raised $250 million in a Series F round of funding led by returning investors Tiger Global and Alpha Wave Global.
Hong Kong based investment firm Ward Ferry also joined the round.
The current round takes the total equity capital raised by Moglix to $470 million. The company had last raised $120 million in May 2021 in a Series E round led by Falcon Edge Capital and Harvard Management Company at a valuation of $1 billion.
“We are happy to have the continued support and faith of our investors, customers, suppliers, and team. We are excited to welcome Ward Ferry onboard. We are focused on our mission to enable creation of a $1 trillion manufacturing ecosystem in India,” said Rahul Garg, Founder and CEO of Moglix, in the statement.
He added, “We will continue to invest in building technology and supply chain capabilities to enable the growth of the manufacturing and infrastructure sector. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion.”
Rahul Garg, Founder, Moglix
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Founded in 2015 by former Google executive Rahul Garg, Moglix has a supply chain network of over 16,000 suppliers, with over 7 lakh SKUs (Stock Keeping Units) on its marketplace. The startup also has a network of over 40 warehouses and has grown its supply chain financing platform for suppliers and manufacturers, Credlix, to clock a disbursal rate of $100 million.
The company provides end-to-end supply chain for procurement and distribution of finished industrial goods to manufacturing and infrastructure companies. Moglix works with over five lakh SMEs and serves over 1,000 large manufacturers across India and the UAE.
Edited by Kanishk Singh