Moglix, which runs an online marketplace for industrial goods, on Monday became the latest Indian start-up to become a unicorn as it raised a fresh $120 million in funding led by new investors Falcon Edge Capital and Harvard Management Company.
The investment, which values the B2B e-commerce firm at $1 billion, was also backed by existing investors Tiger Global, Sequoia Capital India and Venture Highway.
Moglix, which has Accel Partners and Jungle Ventures as its early investors, has so far raised $220 million in funding. Individuals like Ratan Tata, Flipkart’s Kalyan Krishnamurthy have also been investors of Moglix. The Noida and Singapore-based firm had last raised about $60 million in capital led by Tiger Global Management and Sequoia Capital in 2019.
The platform facilitates procurement of industrial goods equipment and MRO (maintenance, repair and operations) supplies by companies as well as suppliers.
The company will deploy the fresh funds to broaden its product portfolio and support its domestic and global expansion plans. “The company 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,” the firm said in a statement on Monday.
Founded in 2015 by Rahul Garg, Moglix today claims to provide solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. Several manufacturing companies such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC, procure indirect material through the Moglix platform. Moglix said it has a supply chain network of over 16,000 suppliers, 35 warehouses and logistics infrastructure.