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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Investment into startups up 34 per cent in first quarter 18:43 | 04/05/2021
Startups are raising far more funds than in previous years. Photo: BBVA
The first-quarter report of South Korean venture fund Nextrans showed that investment in startups jumped by 34 per cent on-year to $100 million, with foreign investors being dominant.
However, the number of deals fell 20 per cent to 16. This decrease is quite small compared to the 20 deals in 2020 and 30 deals in 2019. Despite the reduction, the total deal value has increased remarkably by 34 per cent on-year, excluding unannounced deals.
Foreign investors outperformed their local counterparts with nine deals, the report said. The total investment by local actors was under $10 million, while it was $100 million for foreign investors.
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