Moglix obtains unicorn status after securing USD 120 million in funding
Author : Pankaj Singh | Published Date : 2021-05-19
- Falcon Edge and Harvard Management Company led Moglix’s new funding round.
- Moglix is currently developing an operating system dedicated to the manufacturing sector.
Moglix, a B2B e-commerce platform, has reportedly raised USD 120 million in its new funding round which was led by Falcon Edge and Harvard Management Company. Existing investors including Sequoia Capital, Venture Highway, and Tiger Global had also participated in the recent fundraising.
The fresh investment has allowed Moglix to reach a valuation of USD 1 billion, making it the latest Indian entrant joining the unicorn club. Established in 2015, Moglix specializes in offering services related to industrial and maintenance, repair, and operations (MRO) procurement.
The company is reportedly planning to develop an operating system dedicated to the manufacturing sector. It will provide its users a complete setup covering purchase, packaging, supply chain financing, and highly consolidated software.
Rahul Garg, the founder, and CEO of Moglix mentioned this recent investment as an affirmation of the company’s innovative approach. He further claimed that the B2B e-commerce platform is looking forward to expanding its service reach using Falcon Edge’s strong experience in the Middle East and Europe.
Navroz D Udwadia, the co-founder of Falcon Edge stated that Moglix’s prestigious customer base and revenue retention throughout these years is proof of its exclusive customer value and return on investment (ROI). He added that the firm is thrilled to support Moglix's vision as well as its next phase of growth.
Moglix claims to have associated with over 500,000 small and medium enterprises (SMEs) and over 3,000 manufacturing units across India, the U.K., UAE, and Singapore. It boasts of a prestigious clientele namely Tata Steel, Hero MotoCorp, Unilever, Vedanta, and other PSUs namely Air India and NTPC as its clients who have purchased indirectly through its platform.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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