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.
Moglix Raises $120M in Series B; Valued at $1 Billion
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#Funding Alert: Moglix raises $120 mn; joins unicorn club as valuation jumps to $1 bn
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A new investor pool sovereign wealth funds, technology-focused financial groups, pension funds, long-term passive funds and private equity funds including CPPIB, CDPQ and Carlyle have already been sounded out. Though the Flipkart fundraising is predominantly being targeted at new investors, existing ones like GIC of Singapore, Qatar Investment Authority too have been sounded out, one of the sources cited above said.
These discussions are at an early stage and may or may not fructify, the people pointed out.
JPMorgan and Goldman Sachs are advisers in the fundraise.
“The capital raise is not being positioned as pre-IPO but for expansion. The management believes there is a lot of value that is trapped in each of its key verticals and the value of parts is more than the whole, an executive involved in the process said on the condition of anonymity as the talks are private. The price discovery process is still ongoing. Simultaneously,
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Facebook’s Oversight Board has upheld Donald Trump s ban from Facebook and Instagram. But the board criticised the permanent nature of the ban, saying it was beyond the scope of Facebook s normal penalties, and asked for the company to review the decision.
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