Even when India is fighting the ongoing second wave of the COVID19, the entrepreneurs of the country are working hard to keep the economic cycle running.
Recently, Moglix became the first industrial B2B commerce platform, in the manufacturing space, to enter the unicorn club. The startup is said to be valued at $1 billion after its latest $120 million Series E funding round.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Co., with participation from existing investors Tiger Global, Sequoia Capital India, and Venture Highway.
After its recent increase in valuation, Moglix has become the 13th Indian startup to enter the unicorn club this year.
Rahul Garg, founder, and chief executive of Moglix said on its recent achievement, “We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We are glad that Falcon Edge Capital and Harvard Management Co. have partnered with us in this journey. 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.”
Founded in 2015, Moglix is India’s largest and fastest-growing B2B commerce platform in the industrial & MRO procurement space with a clear first-mover advantage.
It provides manufacturers with industrial goods through its e-commerce platform and is building an operating system for manufacturing that provides its customers with a full-stack service covering procurement, packaging, supply-chain financing, and highly integrated software.
Its Reach & Scope
As per the startup, it has provided solutions to more than 500,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK, and UAE. The startup also claims to have 1.5 lakh clients and has served over 25,000 pin codes in India.
Many major manufacturing companies such as Hero MotoCorp, Vedanta, Tata Steel, Unilever, and PSUs such as Air India and NTPC procure indirect material through the Moglix platform.
Moglix currently has a supply chain network of 16,000+ suppliers, 35+ warehouses, and logistics infrastructure. With close to 500,000+ stock-keeping units, its marketplace is the largest e-commerce platform in the industrial goods category in India.