Moglix more than doubles its valuation in nine months
- The B2B e-commerce platform has raised $250 million in a series F round of funding led by
Tiger Global, Alpha Wave Global and Ward Ferry.
- The e-commerce platform is now valued at $2.6 billion after the latest funding round.
- Overall, the company has raised over $650 million to date.
AdvertisementMoglix, a Noida-based business to business (B2B) e-commerce platform, has raised $250 million in a new round of funding led by Tiger Global, Alpha Wave Global with Hong Kong-based Ward Ferry coming onboard as a new investor.
The e-commerce platform is now valued at $2.6 billion after the latest funding round.
The company also claims that undisclosed seed investors have seen a return of 80 times on their investment in this B2B commerce player. Notably, the company had raised its seed round in 2015-2016 from investment firm Accel, industrialist
Overall, the company has raised over $650 million to date. It is also backed by various other marquee global investors such as Sequoia, Accel Partners, International Finance Corporation, Harvard Management Company, and others.
Rahul Garg, founder and chief executive officer (CEO) said, “We will continue to invest in building technology and supply chain capabilities to enable growth of the manufacturing and infrastructure sector.
In May 2021, the company also became the first B2B commerce unicorn in the manufacturing sector after raising $120 million. A unicorn, in startup parlance, is a private company that is valued at or over $1 billion.
Moglix, founded by Indian Institutes of Technology (IIT) Kanpur and Indian School of Business (ISB) graduate Rahul Garg in 2015, is an e-commerce platform, which provides solutions to more than 500,000 small and medium enterprises (SMEs) and over 1000 large manufacturers across India and the UAE. It has a supply chain network of over 16,000 suppliers and over 40 warehouses.
The company, which also recently crossed $100 million disbursal rate on its supply chain financing platform Credlix, works with manufacturing and infrastructure companies to transform their end-to-end supply chain, from procurement to distribution.
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