Moglix, founded in 2015, is a B2B online platform in the industrial and maintenance, repairs and operations procurement space. The company is building an operating system for manufacturing that provides its customers a full stack service, packaging, supply chain financing and integrated software. An business-to-business e-commerce for manufacturing goods, Moglix recently announced that it raised $120 million from investors at a valuation of $1 billion.
Now its an 13th firm from the world’s second largest market to attain the unicorn status this year. The company was valued at close to $300 million when it last raised $60 million in July 2019. With the current equity infusion, the total funds raised by Moglix has reached $220 million. The Series E funding round was led by Falcon Edge Capital and Harvard Management Co., with participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway. Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies, can guide Moglix through the next phase of the journey. Accel Partners, International Finance Corporation, Composite Capital and Jungle Ventures are some of its other existing investors. The company which made its startup six years ago provides manufacturers with industrial goods through its e-commerce platform and is building an operating system for manufacturing that provides its customers with a full-stack service covering procurement, packaging, supply-chain financing and highly integrated software.
The company currently has a supply chain network of more than 16,000 suppliers across 35 warehouses and lists more than 500,000 stock-keeping units on its online marketplace. Moglix claims to provide solutions to more than 500,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK and UAE. Moreover, the company also works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and state-run companies such as Air India and NTPC to help them procure manufacturing material through the Moglix platform. The announcement by Moglix announcement follows nearly two-dozen large-sized investments secured by Indian startups in recent months. Earlier, Pine Labs said it was raising $285 million at $3 billion valuation, up from $1 billion in early 2020. KKR said it had invested $95 million in Lenskart.
