Moglix, an Indian industrial B2B commerce platform focused on the manufacturing space, raised $120m in Series E funding round valued at $1 billion.
Backers included Falcon Edge Capital and Harvard Management Company.
Founded in 2015, by IIT Kanpur and ISB alumnus Rahul Garg, Moglix provides a B2B commerce platform for the industrial & MRO procurement space. 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 company provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC procure indirect material through the Moglix platform. Moglix has a supply chain network of 16,000+ suppliers, 35+ warehouses and logistics infrastructure.
This latest round of funding brought the total funds raised by Moglix to $220M. Accel Partners, Jungle Ventures and Venture Highway have been the earliest investors in the company. Moglix has in-subsequent rounds received investments from leading global venture capital funds such as Tiger Global, Sequoia Capital India, International Finance Corporation and Composite Capital among others. Mr. Ratan Tata, Chairman emeritus, Tata Sons had invested in the start-up in 2016. Leaders from the start-up and manufacturing communities such as Mr. Kalyan Krishnamurthy, CEO Flipkart, Mr. Vikrampati Singhania, MD, JK Fenner and Mr. Shailesh Rao, Ex-Google have been investors in Moglix.