Moglix, a business-to-business (B2B) e-commerce platform for industrial goods based in Singapore and Noida, raised $250 million in a Series F round of funding led by returning investors Tiger Global and Alpha Wave Global. Hong Kong based investment firm Ward Ferry also joined the round.
Valuation of Moglix increased to $2.6 billion within eight months of turning into a startup unicorn. The current round takes the total equity capital raised by Moglix to $470 million.
Founded in 2015 by former Google executive Rahul Garg, Moglix aims to digitally metamorphose the supply chain of the manufacturing sector in India.
Moglix has a supply chain network of over 16,000 suppliers, with over 7 lakh SKUs (Stock Keeping Units) on its marketplace. The startup also has a network of over 40 warehouses and has grown its supply chain financing platform for suppliers and manufacturers, Credlix, to clock a disbursal rate of $100 million.
Moglix works with over 5 Lakh SMEs and serves over 1,000 large manufacturers across India and the UAE. The company also provides an end-to-end supply chain for procurement and distribution of finished industrial goods to manufacturing and infrastructure companies.
Rahul Garg, Founder and CEO of Moglix Said, “We are happy to have the continued support and faith of our investors, customers, suppliers, and team. We are excited to welcome Ward Ferry onboard. We are focused on our mission to enable the creation of a $1 trillion manufacturing ecosystem in India.”
“We will continue to invest in building technology and supply chain capabilities to enable the growth of the manufacturing and infrastructure sector. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion,” He further added.
The company had last raised $120 million in May 2021 in a Series E round led by Falcon Edge Capital and Harvard Management Company at a valuation of $1 billion.