B2B commerce platform Moglix has reached a valuation of USD 1 billion after its latest round of Series E funding worth USD 120 million, making it the first industrial B2B commerce platform, in the manufacturing space, to become a unicorn, a release from the company said.
The latest investment was led by Falcon Edge Capital and Harvard Management Company (HMC) with participation from its existing investors, Tiger Global, Sequoia Capital India and Venture Highway.
“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,” said Rahul Garg, Founder & CEO, Moglix.
Moglix is India’s largest and fastest growing B2B commerce platform in the industrial & 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.
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.
"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,” said Navroz D. Udwadia, Co-Founder of Falcon Edge Capital.
Moglix also has an award-winning suite of software products for contract management and B2B Commerce and 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 USD 220 Million. Past investors in the company include Accel Partners, Jungle Ventures, Venture Highway, Ratan Tata, Flipkart CEO Kalyan Krishnamurthy, JK Fenner MD Vikrampati Singhania and Shailesh Rao, Ex-Google.