B2B e-tailer Moglix joins unicorn club
NEW DELHI: Business-tobusiness (B2B) e-commerce platform Moglix has raised $120 million in a funding round led by Falcon Edge Capital and Harvard Management Company (HMC), valuing the company at around $1 billion.
The round, which also saw participation from existing investors such as Tiger Global, Sequoia Capital India and Venture Highway, has made Moglix the second Indian B2B startup after Infra.Market to enter the unicorn space this year.
Moglix, founded in 2015, is a B2B online platform in the industrial and maintenance, repairs and operations (MRO) 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 integrated software.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector,” said Rahul Garg, founder & CEO at Moglix. “We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1-trillion manufacturing economy in India.” The latest round of funding takes the total funds raised by Moglix to $220 million.