Ratan Tata-backed Moglix is the 13th unicorn from India this year
Moglixhas become the 13th unicornfrom India this year.
- The B2B
eCommercemarketplace 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.
TOP VIDEOS FOR YOUThe overall valuation rose to $1 billion after its latest series-E funding round, led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors Tiger Global, Sequoia Capital India and Venture Highway also participated in this round. The six-year old startup has raised $220 million to date.
Moglix is founded by IIT Kanpur graduate
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.
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