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Business-to-business marketplace Moglix has already raised around $120 million within the new financing round at a $1 billion valuation for becoming the 13th firm from India for attending status in the country this year.
Now, the complete evaluation has risen to $1 billion after the latest series-E funding round which is led by Falcon Edge Capital and Harvard Management Company (HMC). However, the existing investors’ Tiger Global, Sequoia Capital India, and Venture Highway even participated in this round. This six-year-old startup has $220 million to date.
Well, Moglix is founded by IIT Kanpur graduate Rahul Garg who is the former Head of Advertising Exchange at Google Asia. Notably, Moglix is a well-known marketplace for the procurement of industrial products like MRO, electrical, fasteners, hardware, pneumatics, and safety items within others.
Recently, Moglix is serving over 5, 00,000 small and medium enterprises and also 3,000 manufacturing plants all over India, Singapore, the UK, and the United Arab Emirates. However, it even works with Hero Motocorp, Vedanta, Tata Steel, Unilever, and public service which is undertaking like Air India and NTPC for assisting them to obtain indirect material through its podium.
Notably, the B2B e-commerce market is recently in the growing phase. As per the report by the consultancy firm PwC, manufacturers still it’s relying on offline and indirect avail for 80% of their supply needs. Soon, Moglix has an early mover in this place.
As per the Moneycontrol report, the company’s revenue is over triples in the financial year March 2019 to Rs. 217 crore and the loss has now increased to a little more than Rs. 48 crore.
