Moglix becomes Latest Startup to Join the Unicorn Club
Moglix, a B2B e-commerce platform for manufacturing goods, has raised $120 million as a part of its latest series E funding round, led by Falcon Edge Capital and Harvard Management Company (HMC), taking the overall valuation of the company to $1 billion.
Existing investors Tiger Global, Sequoia Capital India and Venture Highway also participated as part of this round.
This is almost a three-time jump in valuation for the company which had last raised $60 million in July 2019, at a valuation of $200 million-$300 million.
With the current equity infusion, the total funds raised till date by Moglix stands at $220 million.
“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 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,”said Rahul Garg, founder and chief executive officer, Moglix.
The six year old startup provides manufacturers with industrial goods through its e-commerce platform, and is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software.