New Delhi: Moglix, B2B e-commerce platform for producing products, has raised USD one hundred twenty million in Collection E funding round. With this the in general valuation of the enterprise has reached USD one billion. The most current financial commitment was led by Falcon Edge Cash and Harvard Administration Organization (HMC), the enterprise mentioned in a release.
This round of funding also noticed participation from its existing traders, Tiger World wide, Sequoia Cash India, and Venture Highway.
Moglix is India’s top B2B commerce platform in the industrial and MRO procurement house. The Organization is constructing an operating procedure for producing that gives its clients a whole-stack assistance covering procurement, packaging, provide chain funding, and very integrated application.
“We begun six yrs in the past with a organization perception in the untapped possible of the Indian producing sector. We had the have confidence in of stalwarts like Ratan Tata, and a mission to allow the creation of a USD1 trillion producing financial state in India. Right now, as we enter the up coming stage of our evolution, we sense this funding milestone is a testimony to our journey of innovation and disruption. We are glad that Falcon Edge Cash and Harvard Administration Organization have partnered with us in this journey. Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of general public businesses, will guidebook us by the up coming period of our journey,” Rahul Garg, founder and CEO, Moglix, mentioned.
Navroz D. Udwadia, co-founder of Falcon Edge Cash, mentioned, ” We have researched and tracked Moglix for yrs, pushed by our world encounter in investing in on the web MRO platforms. Moglix’s exclusive purchaser price proposition and ROI are noticeable in its outstanding purchaser and income retention quantities. We feel Moglix is now nicely poised to scale and we are thrilled to back again the enterprise in the up coming period of its growth.”
Moglix was launched in 2015, by IIT Kanpur and ISB alumnus Rahul Garg. Moglix gives options to extra than five hundred,000 SMEs and three,000 producing crops throughout India, Singapore, the Uk and the UAE. Several producing majors this kind of as Hero MotoCorp, Vedanta, Tata Metal, Unilever and PSUs this kind of as Air India and NTPC procure indirect product by the Moglix platform. Moglix has a provide chain community of 16,000+ suppliers, 35+ warehouses and logistics infrastructure.
With shut to five hundred,000+ SKUs, its market, www.moglix.com is the biggest e-commerce platform in the industrial products classification in India.