Industrial B2B startup Moglix's valuation tops $2.6 bn with $250 mn funding

Early investors, who had bet on Moglix at the seed stage, have seen an 80x return on their investment in this B2B commerce firm

Moglix, the industrial business-to-business startup for manufacturing, has 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-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 3 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.

Moglix is one of India’s largest and fastest-growing B2B Commerce companies. It works with manufacturing and infrastructure companies to transform their end-to-end supply chain, from procurement to distribution. In May 2021, Moglix became the first B2B Commerce unicorn or a startup with over $1 billion valuation,  in the manufacturing sector, raising $120 million.

“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 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.”

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. 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.With close to 700,000 SKUs (stock-keeping units), Moglix said its marketplace is the largest e-commerce platform in the industrial goods category in India. It recently crossed $100 million disbursal rate on its supply chain financing platform Credlix.

The firm is backed by marquee global investors such as Tiger Global, Alpha Wave Global, Sequoia, Accel Partners, International Finance Corporation and Harvard Management Company Industry stalwart. Also, Ratan Tata, Chairman Emeritus, Tata Sons had invested in the start-up in 2016. Leaders from the start-up and manufacturing communities such as Kalyan Krishnamurthy, Vikrampati Singhania, Shailesh Rao have been investors in Moglix.