Ratan Tata-backed Moglix is the 13th unicorn from India this year
- Moglix has become the 13th unicorn from India this year.
- The B2B eCommerce marketplace has raised $120 million in the new funding round.
- The overall valuation of the firm rose to $1 billion after the latest series of funding.
Moglix is founded by IIT Kanpur graduate Rahul Garg, former Head of Advertising Exchange at Google Asia. Moglix is a marketplace for procurement of industrial products like MRO (manufacture, repair and operating supplies), fasteners, electrical, hardware, pneumatics, and safety items among others.
Currently, Moglix is serving more than 5,00,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK and the United Arab Emirates. It also works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and public service undertakings such as Air India and NTPC to help them procure indirect material through its platform.
The B2B e-commerce market is currently in the growing phase. According to a report by consultancy firm PwC, manufacturers still rely on offline (and largely unorganised) and indirect purchase for 80% of their supply needs. Moglix has an early mover in this space.
The company’s revenue more than tripled in the financial year ending March 2019 to ₹217 crore and the losses increased to a little over ₹48 crore, according to a Moneycontrol report in March 2021.