The B2B commerce platform Moglix has raised $120 million in a latest financing round. It was led by Falcon Edge and Harvard Management Company at a valuation of $1 billion.
It made the company enter into the Unicorn club taking the total 13 startups this far in 2021. And Moglix is the second unicorn in the B2B commerce to be developed after Infra.Market raised $100 million led by the top investor Tiger Global.
Talking about the existing contributors, they are Tiger Global, Sequoia Capital India and Venture Highway which have also participated in this round of funding.
It was founded in 2015 in the industrial and MRO (Maintenance, repair, and operations) procurement space. It is developing an operating system for manufacturing that offers its prospects a full stack service involving procurement, packaging, supply chain financing and highly integrated software.
Meanwhile, the CEO and co-founder of Moglix Rahul Garg said- “We had 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”.
The company claims to have a network of more than 5,00,000 Small and medium enterprises and around 3,000 manufacturing units or plants across India, Singapore UAE, and the UK. Its clients involve Hero MotoCorp, Vedanta, Tata Steel, Unilever, and PSUs such as Air India, and NTPC.
Lastly, one of the investors Falcon Edge Capital’s 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(return on investment) 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”.