Moglix becomes India’s first unicorn in the industrial B2B commerce platform in the manufacturing space. Recently the company raised $120 million in series E funding to enter the club with a valuation of over $ 1 billion.
The investment was led by Falcon Edge Capital and Harvard Management Company (HMC). This round of funding also saw participation from its existing investors, Tiger Global, Sequoia Capital India, and Venture Highway.
Tapping the manufacturing sector
Ratan Tata-backed Moglix is currently India’s largest and fastest-growing B2B commerce platform in the industrial and MRO procurement space. It 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.
Rahul Garg, Founder, and CEO, Moglix, said, “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 create 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.”
“In these unprecedented times, we have pledged our support and disruptive thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering 1M+ people in the country. Globally, we have also been instrumental, in this and the last year, in streamlining the PPE supply chain and distribution across 20+ countries. We are glad that Falcon Edge Capital and Harvard Management Company (HMC) have partnered with us in this journey,” he added.
Solutions for SMEs
Founded in 2015 by IIT Kanpur and ISB alumnus Garg, it provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC procure indirect material through the Moglix platform.
“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.