Rahul Garg, founder and chief executive of Moglix. Bengaluru: Moglix , a business-to-business (B2B) ecommerce platform, has raised $250 million as a part of its latest funding round, at a valuation of $2.6 billion, the company said in a prepared statement on Friday.
The financing round was led by existing investors Tiger Global and Alpha Wave Global along with Hong Kong based Ward Ferry, which is joining as a new investor.
With the current fundraise, seed-stage investors in Moglix have made an exit by selling their shares, the company said.
Founded in 2015, Moglix works with manufacturing and infrastructure companies to help streamline their end-to-end supply chain, from procurement to distribution.
Through its e-commerce channels, it provides industrial supplies across categories of industrial safety, electricals, office stationery, power tools among others. The company claims to have over 700,000 stock units on its B2B ecommerce marketplace.
In May last year, the company entered the ‘unicorn’ club led by Falcon Edge Capital and Harvard Management after mopping up $120 million. A unicorn is a privately held startup valued at $1 billion or more.
“We are happy to have the continued support and faith of our investors, customers, suppliers and team. We are excited to welcome Ward Ferry onboard. We will continue to invest in building technology and supply chain capabilities to enable growth of the manufacturing and infrastructure sector. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion,” said Rahul Garg, founder and CEO, Moglix.
Other backers in Moglix include Sequoia Capital India, Accel Partners, Tata Sons’ Chairman Emeritus Ratan Tata as well as Flipkart CEO Kalyan Krishnamurthy.
At present, the company claims to provide solutions and industrial products to more than 500,000 small and medium enterprises as well as to over 1000 large manufacturers across India and the UAE.
It has a supply chain network of over 16,000 suppliers, and operates across 40 warehouses along with an in-house logistics infrastructure. In February, the company also set up its digital supply chain financing platform, Credlix. It has crossed over $100 million in loan disbursals, on its credit platform, the company said.
Over the last year, startups in the contract manufacturing as well as raw material procurement space have seen strong backing from several global investors. In August, last year, contract manufacturing startup, Zetwerk turned unicorn after raising $150 million led by D1 Capital Partners.Moglix’s investors Tiger Global and Alpha Wave have […]
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