Moglix has become the first industrial B2B commerce platform, in the manufacturing space, to become a unicorn.
The company is said to be valued at $1 billion in its latest $120 million Series E funding round, a release said.
The latest investment was led by Falcon Edge Capital and Harvard Management Company (HMC). This round of funding also saw participation from its existing investors, Tiger Global, Sequoia Capital India and Venture Highway.
Moglix is the largest and fastest growing B2B commerce platform in the industrial and 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 highly integrated software.
Moglix Founder and CEO Rahul Garg said, “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. 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,” he added.
The company has also pledged its support and disruptive thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering over 1 million people in the country. Globally, it has also been instrumental in this and the last year, in streamlining the PPE supply-chain and distribution across 20+ countries.
Falcon Edge Capital Co-founder Navroz D. Udwadia said, “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,” he added.
Tiger Global, which participated in the Series D round in 2019, has also invested in the latest round.
Moglix was founded in 2015, by IIT Kanpur and ISB alumnus Rahul Garg. Moglix provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC procure indirect material through the Moglix platform. Moglix has a supply chain network of over 16,000 suppliers, 35 warehouses and logistics infrastructure. With close to 500,000 SKUs, its marketplace, www.moglix.com is the largest ecommerce platform in the industrial goods category in India, the release added.
Moglix recently launched Credlix, a supply chain financing platform for suppliers and manufacturers and expects to power Rs 1000 crore of financing in the coming year.
This latest round of funding takes the total funds raised by Moglix to $220 million.
Accel Partners, Jungle Ventures and Venture Highway have been the earliest investors in the company. Moglix has in-subsequent rounds received investments from leading global venture capital funds such as Tiger Global, Sequoia Capital India, International Finance Corporation and Composite Capital, among others.
Ratan Tata, Chairman emeritus, Tata Sons, had invested in the startup in 2016. Leaders from the startup and manufacturing communities such as Kalyan Krishnamurthy, CEO Flipkart, Vikrampati Singhania, MD, JK Fenner and Shailesh Rao, Ex-Google have been investors in Moglix.