#Funding Alert: Moglix raises $120 mn; joins unicorn club as valuation jumps to $1 bn

Moglix has raised $120 million Series E funding round led by Falcon Edge Capital and Harvard Management Company (HMC). This round of funding also saw participation from its existing investors-Tiger Global, Sequoia Capital India and Venture Highway. This latest round of funding takes the total funds raised by Moglix to $220 million. With this, the industrial B2B commerce platform in the manufacturing space, is said to be valued at $1 billion.

The Company 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.

Rahul Garg, Founder & CEO, Moglix, said, “We started six years ago …had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India. 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.”

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.”

Scott Shleifer, partner, Tiger Global Management, said, "We remain excited about the team, market opportunity, and continued innovation. Moglix is a market leader and we expect they will grow rapidly with high returns on capital."

Accel Partners, Jungle Ventures and Venture Highway have been the earliest investors in the company. In subsequent rounds, Moglix has received investments from leading global venture capital funds such as Tiger Global, Sequoia Capital India, International Finance Corporation and Composite Capital among others. Ratan Tata, Chairman emeritus, Tata Sons had invested in the start-up in 2016. Leaders from the start-up and manufacturing communities such as Kalyan Krishnamurthy, CEO Flipkart, Vikrampati Singhania, MD, JK Fenner and Shailesh Rao, ex-Google have been investors in Moglix.

Founded in 2015 by Rahul Garg, IIT Kanpur and ISB alumnus, Moglix provides solutions to more than 5 lakh SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. It has a supply chain network of over 16,000 suppliers and more than 35 warehouses and logistics infrastructure.

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