Moglix – a B2B e-commerce platform for manufactured goods – has just been promoted to unicorn status, for its valuation has hit US$1 billion ($1.34 billion).
This follows the completion of its US$120 million Series E funding round that was led by asset managers Falcon Edge Capital and Harvard Management Company. Other investors that had participated in this round include Tiger Global, Sequoia Capital India and Venture Highway.
The latest equity infusion brings the total funds raised by Moglix to US$220 million.
Founded in 2015, the company provides solutions to over 500,000 SMEs and 3,000 manufacturing plants scattered across India, Singapore, the UK and UAE.
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Moglix’s supply chain network consists of over 16,000 suppliers who operate across 35 warehouses and have more than 500,000 stock-keeping units listed on its e-commerce marketplace.
Companies like Tata Steel, Unilever and AirIndia use Moglix’s platform to procure indirect material.
The India-headquarted company is looking to use the funds raised to build an operating system for manufacturing that gives its customers a full stack service that covers procurement, packaging, supply chain financing and highly integrated software.
“As we enter the next stage of our evolution, we feel this financing milestone is a testimony to our journey of innovation and disruption,” says Rahul Garg, Moglix’s founder and CEO.
The partnership - particularly with Falcon Edge – bodes well for Moglix, given its deep roots in the Middle East and Europe and understanding of public companies, adds Garg.
“We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms. Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers,” quips Navroz Udwadia, Falcon Edge Capital’s co-founder.
Prior to this funding round, Moglix’s valuation had been around US$200 million to US$300 million. The last time the company had raised funds was in July 2019, when it had raised US$60 million.
Moglix counts Accel Partners, Jungle Ventures and Venture Highway as its earliest investors and has raised funds from the likes of International Finance Corporation, Composite Capital through subsequent funding rounds.
