B2B industrial goods marketplace Moglix is in talks with new and existing investors to raise $150-200 million that will push its valuation by more than two-fold, according to three sources aware of the deal.
The Noida-based company had last raised $120 million in its Series E round led by Falcon Edge Capital and Harvard Management Co. when it claimed to have attained a unicorn valuation of $1 billion.
“Moglix is eyeing a $150 million plus round from new and existing backers such as Falcon Edge, Tiger Global and Sequoia,” said one of the sources on the condition of anonymity. “The round is expected to close soon.”
Moglix is a B2B commerce platform in the industrial & MRO procurement space with a full-stack service covering procurement, packaging, supply chain financing and integrated software.
“Falcon Edge is likely to lead the round while Tiger Global will double down its stake in Moglix. A couple of new investors are also in talks to join the fresh round which would value Moglix in the range of $2-2.5 billion,” said the second source who also requested anonymity as talks are private.
Queries sent to Moglix, Falcon Edge, Tiger Global and Sequoia did not elicit an immediate response. The story will be updated as and when they respond.
If the deal goes through, this will be a significant jump in the valuation of the company in the past couple of years. It was valued $300 million during its $60 million round in July 2019.
The six-year-old company caters to both large and SME players in the manufacturing industry and claims to have more than 150,000 clients in addition to over 250 enterprises and corporations. According to the company, it has 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
Last year, it also acquired Vendaxo, an e-commerce platform for buying and selling used machinery.
In the commerce business, Moglix competes with the likes of three more unicorns: OfBusiness, Infra.Market and Zetwerk. Moglix was among 43 startups that turned unicorns in 2021. OfBusiness is currently valued at around $5 billion whereas Zetwerk recently raised its latest round at $2.7 billion. Infra.Market is in talks to raise a fresh round at over $4 billion. Entrackr had exclusively reported the development in November last year.
According to Fintrackr’s data, more than 60% of these unicorns, including the three competitors of Moglix, had picked up two or more rounds in the year. However, Moglix wasn’t on the list.