Indian industrial business-to-business (B2B) marketplace Moglix has managed to raise $120 million in its latest round of financial funding. With this, the company's total valuation has reached $1 billion making it the 13th Indian firm to attain unicorn status in 2021.
The six-year-old startup reached the $1 billion valuation mark after its latest series-E round of funding. The investments in the firm were led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors such as Tiger Global, Sequoia Capital India and Venture Highway were also participants in the series-E round of funding. The firm was valued between $250-300 million after its last round of funding in 2019.
Moglix was founded by IIT Kanpur alumni Rahul Garg who had previously served as the Head of Advertising Exchange at Google Asia. "We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and 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," Rahul Garg said, according to Moneycontrol.
"In these unprecedented times, we have pledged our support and disruptive thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering 1M+ people in the country. Globally, we have also been instrumental, in this and the last year, in streamlining the personal protective equipment (PPE) supply-chain and distribution across 20+ countries," Garg added.
Moglix is an Asia-based E-commerce company intensively inclined towards B2B procurement of industrial supplies, in particular, MRO, Safety, Electricals, Lighting, Cleaning & Housekeeping, Office Stationery & Supplies, Power Tools and many more industry essentials, according to the firm's website.
Others Indian firms who achieved unicorn status in 2021 are - Cred, Urban Company, Digit Insurance, Five Star Business Finance, Groww, Meesho, Innovaccer, Chargebee, Infra.Market, ShareChat and Gupshup.
(Edited by Mohammad Haaris Beg)