Moglix, an industrial business-to-business startup for manufacturing, has raised $120 million in a funding spherical that valued the agency at $1 billion. Moglix is the fourteenth Indian firm this 12 months to succeed in unicorn standing and the primary in industrial B2B commerce.
The Collection E funding spherical was led by Falcon Edge Capital and Harvard Administration Firm (HMC). Present traders, Tiger World, Sequoia Capital India and Enterprise Freeway participated as effectively.
Moglix is India’s largest and fastest-growing B2B commerce platform within the industrial and MRO (upkeep, restore and operations) procurement area with a transparent first-mover benefit. Moglix, which was based in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, gives options to greater than 500,000 SMEs and three,000 manufacturing crops throughout India, Singapore, the UK and the UAE.
“We began six years in the past with a agency perception within the untapped potential of the Indian manufacturing sector,” stated Rahul Garg, founder and CEO, Moglix. “We had the belief of stalwarts like Ratan Tata, and a mission to allow the creation of a $1 trillion manufacturing financial system in India. Immediately, as we enter the subsequent stage of our evolution, we really feel this financing milestone is an affidavit to our journey of innovation and disruption.
Falcon Edge, which works in West Asia and Europe, stated it’ll information the agency by means of the subsequent section of its journey.
“We’ve got studied and tracked Moglix for years, pushed by our world expertise in investing in on-line MRO platforms,” stated Navroz D Udwadia, co-founder of Falcon Edge Capital. “We imagine Moglix is now effectively poised to scale and we’re thrilled to again the corporate within the subsequent section of its progress.”
The newest funding spherical takes the full funds raised by Moglix to $220 Million. Leaders from start-up and manufacturing communities equivalent to Kalyan Krishnamurthy, chief govt officer of Flipkart, and Vikrampati Singhania, managing director at JK Fenner, have invested in Moglix.