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April saw unprecedented dealmaking for Indian tech startups, as eight companies joined the coveted unicorn club in around 20 days. After a few slow weeks, deal activity has picked up pace again. We reported about big financing rounds at
Lenskart and
Pine Labs on Monday. And now there’s a new entrant to the unicorn club the first one in May.
We kick off with a scoop on India’s sovereign wealth fund’s first digital investment.
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Moglix Raises $120 Million, Joins Unicorn Club As Valuation Jumps To $1 Billion scoop.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scoop.co.nz Daily Mail and Mail on Sunday newspapers.
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Moglix’s existing investors like Tiger Global, Sequoia Capital India and Venture Highway have also participated in this round of funding, the company announced on Monday.
ETtech
Founded in 2015, Moglix is a B2B commerce platform in the industrial & MRO (maintenance, repair and operations) procurement space. The company is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software.
“We had 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,” said Rahul Garg, founder & CEO, Moglix. “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,
Moglix raises $120 mn; joins unicorn club
PTI
New Delhi |
Updated on
May 17, 2021
Existing investors Tiger Global, Sequoia Capital India, Venture Highway participated in the Series E funding
Moglix on Monday said it has raised $120 million (about ₹878.8 crore) in funding from Falcon Edge Capital, Harvard Management Company (HMC) and others, placing the industrial B2B e-commerce platform in the unicorn club. The Series E round also saw participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway. “We started six years ago. 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,” Moglix Founder and CEO Rahul Garg said.