B2B industrial goods marketplace Moglix has raised $250 million in its latest Series F funding round, at a valuation of $2.6 billion. Tiger Global and Alpha Wave Global led this investment with Hong Kong based-investment firm Ward Ferry coming on board as a new investor.
In 2019, Moglix was the first B2B sector investment in India by Tiger Global, which continued to double down and invest in Moglix over the last three years. Early investors who had invested in Moglix during the seed stage have seen an 80X return on their investment in this B2B commerce firm.
In May 2021, the startup became the first B2B Commerce unicorn in the manufacturing sector after raising a $120 million round. The coworks with manufacturing and infrastructure companies to transform their end-to-end supply chain, from procurement to distribution.
“We are happy to have the continued support and faith of our investors, customers, suppliers and team. We are excited to welcome Ward Ferry onboard. We are focused on our mission to enable the creation of a $1 trillion manufacturing ecosystem in India,” said Rahul Garg, founder and CEO, Moglix.
“We will continue to invest in building technology and supply chain capabilities to enable the manufacturing and infrastructure sector growth. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion,” added Garg.
Moglix was founded in 2015 by IIT Kanpur alumnus and ISB graduate Rahul Garg. Moglix provides solutions to more than 500,000 SMEs (small and medium enterprises) and over 1000 large manufacturers across India and the UAE.
The Startup has also become the third most valued company among its competitors. It has a supply chain network of over 16,000 suppliers, 40 warehouses and logistics infrastructure. In the commerce business, Moglix competes with unicorns such as OfBusiness, Infra.Market and Zetwerk.
OfBusiness is currently valued at around $5 billion, whereas Zetwerk recently raised its latest round at $2.7 billion. Infra.Market is in talks to raise a fresh round at over $4 billion.