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[Jobs Roundup] Here s how you can work for India s latest unicorn and B2B marketplace Moglix
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Moglix Raises $120 Million, Joins Unicorn Club As Valuation Jumps To $1 Billion
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Ratan Tata-backed Moglix becomes new unicorn from India
By IANS |
0 Views Rahul Garg, Founder and CEO,Moglix. . Image Source: IANS News
New Delhi, May 17 : Ratan Tata-backed Moglix on Monday announced that it is the first industrial B2B commerce platform in the manufacturing space in India to become a new unicorn with raising $120 million in fresh funding which took its valuation to $1 billion.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC), and also saw participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway. We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India, said Rahul Garg, Founder & CEO, Moglix.
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.