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.
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.
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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,
[Funding alert] B2B ecommerce startup Moglix joins unicorn club after raising $120M in Series E round yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.