Moglix, a Singapore-headquartered e-commerce platform for industrial tools and equipment, has announced raising $120 million as part of its latest Series E funding round.
The funding round, which was co-anchored by Falcon Edge Capital and Harvard Management Company, takes the overall valuation of the company to $1 billion, minting it as a new unicorn.
In a statement Monday, Moglix said the latest funding round, which raised its total funds to date to $220 million, was also backed by existing investors Tiger Global, Sequoia Capital India, and Venture Highway.
Founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, Moglix is engaged in marketing industrial supplies, in particular, MRO, safety, electrical and lighting, cleaning and laundry supplies, office supplies, tools, and many more industry essentials.
The startup caters to 500,000 small and medium enterprises (SMEs) and 3000 manufacturing plants across India, Singapore, the UK, and the UAE. It has a supply chain network of over 16000 suppliers, more than 35 warehouses, and logistics infrastructure.
The company also works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and public service undertakings such as Air India and NTPC to help them procure indirect material through the Moglix platform.
“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,” Garg said.
The company, which last raised close to $60 million, as a part of its Series D fundraise, counts Accel Partners, Jungle Ventures, and Venture Highway as its earliest investors and has raised funds from the likes of International Finance Corporation, Composite Capital through subsequent funding rounds.
It raised $12 million in its Series B funding in 2017 and another $26 million in its Series C in 2019.
Discussion about this post