B2B ecommerce platform Moglix enters unicorn club with $120 million funding

Business-to-business (B2B) commerce platform Moglix has raised $120 million in a new financing round led by Falcon Edge and Harvard Management Company at a valuation of $1 billion.

This makes it the latest entrant to the much coveted unicorn club taking the total tally to 13 this year, so far. This is the second unicorn in the B2B commerce sector to be birthed this year, after Infra.Market, raised $100 million led by Tiger Global.

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Moglix’s existing investors like Tiger Global, Sequoia Capital India and Venture Highway have also participated in this round of funding, the company announced on Monday.


Founded in 2015, Moglix is a B2B commerce platform in the industrial & MRO (maintenance, repair and operations) 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.

“We had 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,” said Rahul Garg, founder & CEO, Moglix. “Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies will guide us through the next phase of our journey,” Garg, an IIT Kanpur and ISB alumnus, added in a statement.

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With this, the company has now raised a total of $220 million. Accel Partners, International Finance Corporation, Composite Capital and Jungle Ventures are some of its other existing investors.

Moglix claims to have a network of more than 5,00,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. It counts companies like Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC among its clients who procure indirect material through the Moglix platform.

“We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms. Moglix’s distinctive customer value proposition and ROI(return on investment) are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth,” said Navroz D Udwadia, co-founder, Falcon Edge Capital.



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