Moglix funding

moglix funding

B2B industrial goods e-commerce marketplace, Moglix, announced on Monday that it has raised $120 million in a Series E round led by Falcon Edge Capital and Harvard Management Company (HMC). The round also saw participation from existing investors including Tiger Global, Sequoia Capital India, and Venture Highway.

Following this round, Moglix has become the first industrial B2B commerce platform in the manufacturing segment, to join the unicorn club.

The recent round of funding takes the total funds raised by the Noida-based company to $220 million.

Leaders from the startup and manufacturing communities like Kalyan Krishnamurthy, CEO Flipkart; Vikrampati Singhania, MD, JK Fenner; and Shailesh Rao, ex-Google have been investors in Moglix. 

Established in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, Moglix strives to digitally revolutionize the supply chain of the manufacturing sector in the country. It offers solutions to over 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK, and the UAE. 

Commenting on the development, Rahul Garg, Founder & CEO, Moglix, said, “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.”

“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 PPE supply chain and distribution across 20+ countries.

We are creating a full-stack operating system for manufacturing in India and globally. We are looking to add new solutions and products for the manufacturing ecosystem. We are also planning to scale our operations globally and in India during the year.

We are glad that Falcon Edge Capital and Harvard Management Company (HMC) 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.”

moglix funding

Speaking about the investment, Navroz D. Udwadia, co-founder of Falcon Edge Capital said, “We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO platforms. We are strong believers in Rahul, his first-mover advantage, his full-stack solution for under-serviced customers, and his ability to drive robust unit economics.

Moglix’s distinctive customer value proposition and ROI 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.”

With nearly 500,000+ SKUs, Moglix has a supply chain network of 16,000+ suppliers, 35+ warehouses, and logistics infrastructure, making its marketplace the largest e-commerce platform in the industrial goods category in the country.

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