B2B industrial goods marketplace Moglix has raised $60 million in what appears to be Series D funding round led by Tiger Global and Sequoia Capital. Hong Kong-based Composite Capital has also come on board as a new investor in the Noida-based startup.
The fresh round comes within seven months of $23 million Series C round raised by Moglix from existing investors – Accel Partner US and International Finance Corporation (IFC).
Backed by the likes of individual investors Ratan Tata, Flipkart CEO Kalyan Krishnamurthy and former WhatsApp senior executive Neeraj Arora, Moglix is now valued in the range of $200-300 million, making it one of the most successful startups in this space.
According to the company’s founder, Rahul Garg, the proceeds will be used to ramp up infrastructure, warehousing, and logistics.
Currently present in 14 locations including Delhi NCR, Kolkata, Chennai, Pune, Ahmedabad, Mumbai, Aurangabad, and Pantanagar, Moglix plans to be in 22-25 strategic industrial hubs.
The four-year-old startup specialises in B2B procurement of industrial products such as MRO, fasteners, electrical, hardware, pneumatics and safety items. The firm has tied up with wholesale dealers in markets such as Delhi, Faridabad, Gujarat besides partnering with Chinese and Taiwanese suppliers.
Moglix caters to both large and SME players in the manufacturing industry and counts Power2SME, Industrybuying, Amazon, Tolexo, Omnikart, and others as major competitors.
For Tiger Global, Moglix is another B2B startups that will join its portfolio along with recently funded Open Financial, OkCredit, Locus, Ninjacart, Fyle, and Zenoti.
The New York-based hedge fund has been bullish on Indian startups since its second innings that kicked off with $3.75 billion worth 11th fund in October 2018. In the B2B segment, Tiger also holds stake in startups including Freshworks, Delhivery, Blackbuck and robotics startup GreyOrange.
The development was reported by ET.