Moglix Reaches $1 Billion Valuation in $120 Million Funding Round

Moglix Achieves Unicorn Status with $120 Million Funding

Moglix, a leading business-to-business (B2B) industrial marketplace operating in India, announced on Monday the successful completion of a new funding round. This financing totals $120 million and values the company at $1 billion, marking it as the 13th Indian startup to reach unicorn status in the current year.

Details of the Funding Round

The Series E funding round was spearheaded by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors, including Tiger Global, Sequoia Capital India, and Venture Highway, also contributed to this round. This brings the total funding raised by Moglix to approximately $220 million.

Reports from TechCrunch earlier in the year indicated that Tiger Global was in discussions to invest in Moglix at the aforementioned $1 billion valuation.

Company Vision and Mission

Rahul Garg, founder and CEO of Moglix, stated, “Our journey began six years ago with a strong conviction in the significant, yet unrealized, potential within the Indian manufacturing sector.”

He further added, “With the support of prominent figures like Ratan Tata, our mission has been to facilitate the development of a $1 trillion manufacturing economy in India. This financing milestone validates our commitment to innovation and disruption as we progress to the next phase of our growth.”

Moglix’s Reach and Customer Base

Founded by IIT Kanpur and ISB alumnus Rahul Garg, Moglix currently serves over 500,000 small and medium-sized businesses (SMBs) and larger enterprises.

The company has established a presence across 3,000 manufacturing facilities located in India, Singapore, the UK, and the UAE. Its clientele includes major manufacturing companies such as Hero MotoCorp, Vedanta, Tata Steel, Unilever, Air India, and NTPC.

Supply Chain and Platform Capabilities

Moglix operates a robust supply chain network comprising 16,000 suppliers, alongside a network of over 35 warehouses and comprehensive logistics infrastructure.

The platform boasts a catalog of nearly 500,000+ Stock Keeping Units (SKUs), positioning Moglix as the largest e-commerce platform for industrial goods within India.

Growth of B2B E-commerce in India

The rise of Moglix, alongside companies like Zetwerk and Infra.Market, demonstrates the increasing adoption of B2B e-commerce platforms catering to specialized categories within the South Asian nation.

Investor Perspective

Navroz D. Udwadia, Co-Founder of Falcon Edge Capital, commented, “Moglix delivers a unique value proposition to its customers, evidenced by its impressive customer and revenue retention rates.”

He continued, “We are confident that Moglix is now prepared for significant scaling and are excited to support the company in its next growth stage. Our firm has closely monitored and analyzed Moglix for several years prior to making this investment.”

Recent Investment Trends in India

This announcement follows a surge of substantial investments in Indian startups over recent months.

Pine Labs, for example, also announced on Monday a $285 million funding round at a $3 billion valuation, a significant increase from its $1 billion valuation in early 2020. Additionally, KKR invested $95 million in Lenskart.