Moglix, an industrial business-to-business startup for manufacturing, has raised $120 million in a funding round that valued the firm at $1 billion. Moglix is the fourteenth Indian company this year to reach unicorn status and the first in industrial B2B commerce.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors, Tiger Global, Sequoia Capital India and Venture Highway participated as well.
Moglix is India’s largest and fastest-growing B2B commerce platform in the industrial and MRO (maintenance, repair and operations) procurement space with a clear first-mover advantage. Moglix, which was founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.