Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 18 May 2021, 18:00 HKT/SGT
Share:
    

Source: Moglix
Moglix raises $120 million, joins Unicorn Club as valuation jumps to $1 billion

Singapore, May 18, 2021 - (ACN Newswire) - Moglix has reached an important milestone by becoming 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. 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 Founder & CEO Rahul Garg

Moglix is India's largest and fastest growing B2B commerce platform in the industrial & MRO procurement space with a clear first-mover advantage. 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.

Rahul Garg, Founder & CEO, Moglix, 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.

In these unprecedented times, we have pledged our support and disruptive thinking to help solve the challe nge of effective distribution and sharing of oxygen concentrators covering 1M+ people in the country. Globally, we have also been instrumental, in this and the last year, in streamlining the PPE supply-chain and distribution across 20+ countries.

We are glad that Falcon Edge Capital and Harvard Management Company (HMC) have partnered with us in this journey. Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies will guide us through the next phase of our journey."

Speaking on the occasion, Navroz D. Udwadia, Co-Founder of Falcon Edge Capital said, "We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms. We are strong believers in Rahul, his first mover advantage, his full-stack solution for under-serviced customers and his ability to drive robust unit economics. Moglix's distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale and we are thrilled to back the Company in the next phase of its growth."

Tiger Global, which participated in the Series D round in 2019, has also invested in the latest round. Scott Shleifer, partner, Tiger Global Management, said, "We remain excited about the team, market opportunity, and continued innovation. Moglix is a market leader and we expect they will grow rapidly with high returns on capital."

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 16,000+ suppliers, 35+ warehouses and logistics infrastructure. With close to 500,000+ SKUs, its marketplace, www.moglix.com is the largest e-commerce platform in the industrial goods category in India.

Moglix also has an award-winning suite of software products for contract management and B2B Commerce. Global FMCG giant Unilever uses the platform for ~$30 billion of material spend annually in 70+countries. Moglix recently launched Credlix, a supply chain financing platform for suppliers and manufacturers and expects to power INR 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. Mr. Ratan Tata, Chairman emeritus, Tata Sons had invested in the start-up in 2016. Leaders from the start-up and manufacturing communities such as Mr. Kalyan Krishnamurthy, CEO Flipkart, Mr. Vikrampati Singhania, MD, JK Fenner and Mr. Shailesh Rao, Ex-Google have been investors in Moglix.


Topic: Press release summary
Source: Moglix

Sectors: Retail & eCommerce, Venture Capital, Local Biz
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Latest Press Releases
Grand Ming Group Holdings Limited Announces Annual Results for the Year Ended 31 March 2021  
June 19, 2021 16:00 HKT/SGT
Oscar De La Hoya, King Of Pay-Per-View To Return To The Ring on Triller  
June 19, 2021 10:00 HKT/SGT
DeFi Powerhouse Fantom's Native Token FTM Gets Listed on BitFinex and Gemini  
June 19, 2021 04:00 HKT/SGT
Leon Fuat Berhad Shareholders Pass Resolution to Acquire Factory for Rm28.0 Million  
June 18, 2021 18:00 HKT/SGT
IMC Ventures Partners with PIER71 to Invest and Nurture the Maritime and Supply Chain Ecosystem in Singapore  
June 18, 2021 17:36 HKT/SGT
Toyota Yaris WRC to face another 'new' challenge on Africa's return  
June 18, 2021 16:08 HKT/SGT
Hitachi to Donate to COVID-19 Relief Efforts in India and Other Countries  
June 18, 2021 15:19 HKT/SGT
Eisai, Bristol Myers Squibb Enter Into Global Strategic Collaboration for Eisai's MORAb-202 Antibody Drug Conjugate  
June 18, 2021 14:02 HKT/SGT
Malaysia Permission Granted for COVID-19 Test Kit from China for Emergency Use; Homegrown Holista Colltech Receives Initial Order for 15,000 Units for Deployment  
June 18, 2021 14:00 HKT/SGT
Mitsubishi Power Ships JAC Gas Turbine to Brazil: Marlim Azul Project Will Be the Most Fuel-efficient Gas Turbine Power Plant in South America  
June 18, 2021 13:07 HKT/SGT
More Press release >>
 Events:
More >>
 News Alerts
Copyright © 2021 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6859 8575

Connect With us: