India’s Moglix valued at $1 billion in $120 million fundraise
Moglix runs a supply chain network of 16,000 suppliers, over 35 warehouses and logistics infrastructure. With near 500,000+ SKUs on its platform, the startup declares to be the largest e-commerce platform of commercial goods in India.
We had the trust of stalwarts like Ratan Tata, and an objective to allow the creation of a $1 trillion production economy in India. Moglix runs a supply chain network of 16,000 providers, over 35 warehouses and logistics infrastructure.”Moglix’s unique client worth proposition and ROI are visible in its impressive consumer and income retention numbers. We think Moglix is now well poised to scale and we are delighted to back the Company in the next stage of its development,” stated Navroz D. Udwadia, Co-Founder of Falcon Edge Capital, in a declaration.
Social commerce Meesho, subscription platform Chargebee, social media network ShareChat, messaging platform Gupshup, and fintech company CRED are among a few of the Indian start-ups that have become unicorns in recent weeks. The majority of these rounds have been led by Tiger Global or Falcon Edge Capital.
Moglix, Zetwerk, and Infra.Market have constructed business-to-business e-commerce platforms for specific niche categories in the South Asian country recently, highlighting wider adoption of e-commerce in India.
Six-year-old Moglix– established by IIT Kanpur and ISB alumnus Rahul Garg– serves over 500,000 little, medium-sized service and business. It has actually established 3,000 manufacturing plants across India, Singapore, the UK and the UAE and counts manufacturing giants such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and Air India and NTPC as its customers.
Monday’s statement follows nearly two-dozen large-sized investments secured by Indian startups in current months. Earlier on Monday, Pine Labs said it was raising $285 million at $3 billion appraisal, up from $1 billion in early 2020. KKR stated it had actually invested $95 million in Lenskart.
Moglix, an industrial business-to-business market in India, said on Monday it has raised $120 million in a new financing round at $1 billion valuation, ending up being the 13th company from the world’s second biggest market to achieve the unicorn status this year.
“We started 6 years ago with a company belief in the untapped capacity of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to make it possible for the development of a $1 trillion manufacturing economy in India. Today, as we enter the next stage of our development, we feel this funding turning point is a statement to our journey of innovation and interruption,” said Rahul Garg, founder and primary executive of Moglix, in a declaration.
The startup’s Series E financing round was led by Falcon Edge Capital and Harvard Management Company (HMC). Existing financiers, Tiger Global, Sequoia Capital India and Venture Highway likewise participated in the round, which brings Moglix‘s to-date raise to about $220 million. TechCrunch reported previously this year that Tiger Global was in speak to invest in Moglix at $1 billion valuation.
“Moglix’s distinctive client worth proposal and ROI are noticeable in its exceptional consumer and revenue retention numbers. Our company 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, in a statement. He said the financial investment company studied and tracked Moglix for years prior to writing its check.