 "Moglix raises $120 mn in funds, joins India's growing unicorn club")
Moglix, an industrial business-to-business startup for manufacturing, has raised $120 million in a funding round that valued the firm at $1 billion. Moglix is the fourteenth Indian company this year to reach unicorn status and the first in industrial B2B commerce.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors, Tiger Global, Sequoia Capital India and Venture Highway participated as well.
Moglix is India’s largest and fastest-growing B2B commerce platform in the industrial and MRO (maintenance, repair and operations) procurement space with a clear first-mover advantage. Moglix, which was founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector,” said Rahul Garg, founder and CEO, Moglix. “We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of 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.
Falcon Edge, which works in West Asia and Europe, said it will guide the firm through the next phase of its journey.
"We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms,” said Navroz D Udwadia, co-founder of Falcon Edge Capital. "We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth.”
The latest funding round takes the total funds raised by Moglix to $220 Million. Leaders from start-up and manufacturing communities such as Kalyan Krishnamurthy, chief executive officer of Flipkart, and Vikrampati Singhania, managing director at JK Fenner, have invested in Moglix.
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