Moglix raises $250 Mn at $2.6 Bn valuation

B2B industrial goods marketplace Moglix has raised $250 million in its Series F funding round led by existing investors Tiger Global and Alpha Wave Global with participation from Hong Kong-based Ward Ferry.

According to Moglix, it has raised the fresh round at $2.6 billion valuation and its early investors, who had invested in the company’s seed round, have seen an 80X return on their investment in this round. 

On January 10, Entrackr had exclusively reported that Moglix is raising a new round at around $2.5 billion valuation. In May 2021, Moglix became the first B2B Commerce unicorn in the manufacturing sector after raising a $120 million round.

The Noida-based company also counts Sequoia, Accel Partners, International Finance Corporation, Harvard Management Company, and Industry stalwart Ratan Tata as its investors and has raised around $470 million to date.

Founded in 2015 by Rahul Garg, Moglix works with manufacturing and infrastructure companies to transform their end-to-end supply chain, from procurement to distribution. The company provides solutions to more than 500,000 SMEs and over 1000 large manufacturers across India and the UAE. 

Moglix claims that it has a supply chain network of more than 16,000 suppliers, 40 plus warehouses and logistics infrastructure.

In July 2021, Moglix had acquired Vendaxo, an e-commerce platform for buying and selling used machinery. In the commerce business, the company competes with the likes of three more unicorns: OfBusiness, Infra.Market and Zetwerk. 

Moglix has also become the third most valued company among its competitors. 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. 

Apart from Zetwerk, Tiger Global has invested in all three above-mentioned unicorns.