Moglix, an industrial business-to-business market in India, stated on Monday it has raised $120 million in a brand new financing spherical at $1 billion valuation, changing into the twelfth agency from the world’s second largest market to realize the unicorn standing this yr.
The startup’s Series E financing spherical was led by Falcon Edge Capital and Harvard Management Company (HMC). Existing traders, Tiger Global, Sequoia Capital India and Venture Highway additionally participated within the spherical, which brings Moglix‘s to-date elevate to about $220 million. TechCrunch reported earlier this yr that Tiger Global was in talks to invest in Moglix at $1 billion valuation.
“We began six years in the past with a agency perception within the untapped potential of the Indian manufacturing sector. We had the belief of stalwarts like Ratan Tata, and a mission to allow the creation of a $1 trillion manufacturing financial system in India. Today, as we enter the subsequent stage of our evolution, we really feel this financing milestone is an affidavit to our journey of innovation and disruption,” stated Rahul Garg, founder and chief government of Moglix, in an announcement.
Six-year-old Moglix — based by IIT Kanpur and ISB alumnus Rahul Garg — serves over 500,000 small, medium-sized enterprise and enterprises. It has established 3,000 manufacturing crops throughout India, Singapore, the UK and the UAE and counts manufacturing giants similar to Hero MotoCorp, Vedanta, Tata Steel, Unilever and Air India and NTPC as its clients.
Moglix runs a provide chain community of 16,000+ suppliers, over 35 warehouses and logistics infrastructure. With near 500,000+ SKUs on its platform, Moglix claims to be the most important e-commerce platform of business items in India.
“Moglix’s distinctive buyer worth proposition and ROI are seen in its excellent buyer and income retention numbers. We consider Moglix is now nicely poised to scale and we’re thrilled to again the Company within the subsequent part of its progress,” stated Navroz D. Udwadia, Co-Founder of Falcon Edge Capital, in an announcement. He stated the funding agency studied and tracked Moglix for years earlier than writing its verify.
This is a creating story. More to observe…