B2B unicorn Moglix, which operates in infrastructure and manufacturing sector, has raised $250 million in a Series F round led by Alpha Wave Global and Tiger Global, with its valuation soaring 2.5 x in less than a year to $2.6 billion. The company has also onboarded Hong Kong-based Alpha Wave Global with Hong Kong-based Ward Ferry coming onboard as a new investor during the current round. In May 2021, Moglix became the first B2B Commerce unicorn in the manufacturing sector, raising $120 million.
New York-based Tiger Global’s first bet on India’s infrastructure space also came through Moglix through an earlier investment in 2019. The start-up said that Tiger Global has continued to double down on its investments in Moglix over last three years. Early investors, who had invested in Moglix during the seed stage, have seen an 80X return on their investment in this B2B commerce firm.
“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 creation of a $1 Trillion manufacturing ecosystem in India. We will continue to invest in building technology and supply chain capabilities to enable 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,” Rahul Garg, Founder & CEO, Moglix, said.
Founded in 2015 by IIT Kanpur Alumnus and ISB graduate Rahul Garg, Moglix provides solutions to more than 500,000 SMEs and 1000+ large manufacturers across India and the UAE. Moglix has a supply chain network of more than 16,000 suppliers, 40+ warehouses and logistics infrastructure.
With close to 700,000+ SKUs, its marketplace, www.moglix.com is the largest e-commerce platform in the industrial goods category in India. Moglix recently crossed $100 Million disbursal rate on its supply chain financing platform Credlix, the B2B firm said in an official statement. Besides Tiger Global, Alpha Wave Global, Sequoia, Accel Partners, International Finance Corporation, the company is also backed by Ratan Tata, Chairman emeritus, Tata Sons, who invested in the start-up in 2016. Leaders from the start-up and manufacturing communities, such as Kalyan Krishnamurthy, Vikrampati Singhania, and Shailesh Rao have also been investors in Moglix.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today