Even as India is battling the current second wave of COVID19, the country’s businessmen are working hard to keep the business cycle going.
Recently, Moglix became the first industrial B2B trade platform, in the manufacturing space, to enter the unicorn club. The startup is said to be valued at $ 1 billion after its latest Series E funding round of $ 120 million.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Co., with participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway.
After its recent increase in valuation, Moglix has become the thirteenth Indian startup to enter the unicorn club this year.
Rahul garg, Founder and CEO of Moglix, said of his recent achievement: “We started six years ago with a strong belief in the untapped potential of the Indian manufacturing sector. We are pleased that Falcon Edge Capital and Harvard Management Co. have partnered with us on this journey. Falcon Edge, with its deep roots in the Middle East and Europe and its knowledge of public companies, will guide us into the next phase of our journey. “
Founded in 2015, Moglix is India’s largest and fastest growing B2B trading platform in the MRO and industrial procurement space with a clear first-mover advantage.
It provides manufacturers with industrial goods through its e-commerce platform and is building an operating system for manufacturing that provides its customers with a full service covering procurement, packaging, supply chain financing and highly integrated software.
Its scope and scope
According to the startup, it has provided solutions to more than 500,000 small and medium-sized businesses and 3,000 manufacturing plants in India, Singapore, the United Kingdom and the United Arab Emirates. The startup also claims to have 1.5 lakh clients and has served over 25,000 pin codes in India.
Many major manufacturing companies such as Hero MotoCorp, Vedanta, Tata Steel, Unilever, and power supplies such as Air India and NTPC purchase indirect material through the Moglix platform.
Moglix currently has a supply chain network of more than 16,000 suppliers, more than 35 warehouses and logistics infrastructure. With close to more than 500,000 stock storage units, its market is the largest e-commerce platform in the industrial products category in India.