By Salman SH
Moglix, which runs an online marketplace for industrial goods, on Friday raised $250 million in its latest Series F funding round, at a valuation of $2.6 billion. This investment was led by Tiger Global and Alpha Wave Global with Hong Kong-based Ward Ferry coming on board as a new investor.
The new funding round comes just nine months after it earlier raised $120 million in funding at a $1-billion valuation back in May 2021. The Noida and Singapore-based firm has to date raised around $470 million in funding, including the current round. The company said in a statement on Friday that its early investors, who had put in money in during the seed stage have seen an 80X return on their investment in the current round.
Moglix was founded in 2015 by IIT Kanpur alumnus and ISB graduate Rahul Garg. The platform facilitates procurement of industrial goods equipment and MRO (maintenance, repair and operations) supplies by companies as well as suppliers.
“We are focused on our mission to enable creation of a $1-trillion manufacturing ecosystem in India. We will continue to invest in building technology and supply chain capabilities to enable growth of the manufacturing and infrastructure sector. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion,” founder & CEO Garg, said.
Moglix claims to provide solutions to more than 500,000 SMEs and 1,000 large manufacturers across India and the UAE. Moglix also has a supply chain network of 16,000 suppliers, 40 warehouses and logistics infrastructure. With close to 700,000 SKUs, its marketplace, is the largest e-commerce platform in the industrial goods category in India. Moglix recently crossed $100-million disbursal rate on its supply chain financing platform Credlix.