Industrial goods marketplace Moglix has raised $120 million in a growth funding round led by alternative investments firm Falcon Edge Capital and Harvard Management Company (HMC). The latest infusion takes the valuation of the B2B ecommerce company to $1 billion.
Tiger Global Management, Sequoia Capital India and Venture Highway were returning investors in the round, the company said in a statement.
The company is currently building an operating system for the manufacturing sector that aims to offer its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software, it said.
This latest round of funding takes the total capital raised by Moglix to $220 million.
“In these unprecedented times, we have pledged our support and disruptive thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering more than a million people in the country. Globally, we have also been instrumental, in this and the last year, in streamlining the PPE supply chain and distribution across 20 plus countries,” Moglix founder and CEO Rahul Garg said.
“Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies will guide us through the next phase of our journey,” he added.
Garg founded Moglix in 2015. The company claims to provide solutions to more than 500,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and public sector enterprises such as Air India and NTPC procure indirect material through the Moglix platform.
It claims a supply chain network of 16,000 plus suppliers, more than 35 warehouses and logistics infrastructure.
Moglix recently launched Credlix, a supply chain financing platform for suppliers and manufacturers.
"Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth,” Falcon Edge co-founder Navroz Udwadia said.
Moglix competes with Bizongo for in the packaging solutions category, and Industrybuying, whose controlling stake in SME business was acquired by Japanese company MonotaRO for $15 million.