Moglix, business to business(B2B) commerce firm, has become the thirteenth unicorn of 2021. Today, the startup said that it has raised $120 million in a new funding round led by Falcon Edge and Harvard Management Company. The current financial round has helped the B2B startup to surpass a valuation of $1 billion.
Moglix is the second B2B unicorn after Infra.Market in the Indian startup ecosystem. The latter got the unicorn status after collecting $100 million funds from a financial round led by Tiger Global.
Moglix is the new Unicron Member
The year 2021 has become very productive for the Indian startup ecosystem. Within four and half months, thirteen Indian startups have joined the prestigious unicorn club. The latest entry is Moglix, the B2B commerce startup. Except for the new investors, Moglix’s existing investors like Tiger Global, Sequoia Capital India, and Venture Highway also participated in the recently concluded financing round. On Monday, the startup officially announced this news.
Moglix is one of the popular startups in the industrial & MRO (maintenance, repair, and operations) procurement space. The firm was founded in 2015. Since then, it is providing different services including packaging, procurement, and supply chain management solutions to its clients. The startup has highly advanced software to provide all these services.
Rahul Garg, the founder, and CEO of Moglix talked about the future goals of the firm. He also looked happy with the current financial situation of the startup. Talking about all these issues in detail, he said:
“We had a mission to enable the creation of a $1 trillion manufacturing economy in India. Today, as we enter the next stage of our evolution, we feel this financing milestone is a testimony to our journey of innovation and disruption.”
Talking about the new investors including Falcon Edge, he further added:
“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 is an alumnus of IIT Kanpur and ISB. He is quite ambitious related to the future of Moglix. With the current unicorn status, he has just begun the journey towards his ultimate goal.
Exponential Growth of Moglix
Moglix has raised a total of $220 million in different funding rounds. Accel Partners, International Finance Corporation, Composite Capital, and Jungle Ventures are some of its other existing investors.
Moglix is helping over 5,00,000 SME’s and 3,000manufacturing units globally. The startup is providing services in different countries including India, Singapore, UK, and UAE. Reputed firms like Hero MotoCorp, Vedanta, Tata Steel, Unilever, and PSUs such as Air India and NTPC are its clients. Moglix provides different types of materials to these firms.
Falcon Edge who led the latest financing round, has done detailed research about Moglix. And the investment firm found that Moglix is the right choice for investment.
In his official statement, 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. Moglix’s distinctive customer value proposition and ROI(return on investment) is visible in its outstanding customer and revenue retention numbers.”
He further added:
“We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth.”