New Delhi: Moglix, B2B e-commerce system for producing items, has elevated USD 120 million in Series E funding round. With this the over-all valuation of the firm has attained USD one billion. The hottest expenditure was led by Falcon Edge Cash and Harvard Administration Corporation (HMC), the firm explained in a release.
This round of funding also noticed participation from its present traders, Tiger Worldwide, Sequoia Cash India, and Undertaking Freeway.
Moglix is India’s leading B2B commerce system in the industrial and MRO procurement room. The Corporation is constructing an working process for producing that gives its consumers a full-stack company masking procurement, packaging, offer chain funding, and really built-in software.
“We began six many years back with a agency perception in the untapped likely of the Indian producing sector. We had the trust of stalwarts like Ratan Tata, and a mission to help the generation of a USD1 trillion producing economic system in India. Nowadays, as we enter the subsequent stage of our evolution, we experience this funding milestone is a testimony to our journey of innovation and disruption. We are glad that Falcon Edge Cash and Harvard Administration Corporation have partnered with us in this journey. Falcon Edge, with its deep roots in the Center East and Europe and an being familiar with of general public firms, will guideline us by means of the subsequent section of our journey,” Rahul Garg, founder and CEO, Moglix, explained.
Navroz D. Udwadia, co-founder of Falcon Edge Cash, explained, ” We have researched and tracked Moglix for many years, pushed by our international working experience in investing in on the internet MRO platforms. Moglix’s exclusive purchaser benefit proposition and ROI are visible in its outstanding purchaser and income retention quantities. We believe that Moglix is now properly poised to scale and we are thrilled to again the firm in the subsequent section of its advancement.”
Moglix was launched in 2015, by IIT Kanpur and ISB alumnus Rahul Garg. Moglix gives alternatives to additional than five hundred,000 SMEs and 3,000 producing crops throughout India, Singapore, the United kingdom and the UAE. Numerous producing majors these kinds of as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs these kinds of as Air India and NTPC procure oblique content by means of the Moglix system. Moglix has a offer chain community of sixteen,000+ suppliers, 35+ warehouses and logistics infrastructure.
With near to five hundred,000+ SKUs, its marketplace, www.moglix.com is the largest e-commerce system in the industrial items group in India.