While sectors around the world are catching up to the digital transformation tsunami, India’s B2B personalised goods segment is still growing.
Moglix, a B2B ecommerce platform based in India, has more than doubled its valuation to $2.6B, up from $1B just eight months ago, as the Indian industrial B2B marketplace rapidly expands its offerings in various regions of the world.
In its latest Series F funding, Moglix has secured $250M at a valuation of $2.6B. The funding round was led by Tiger Global and Abu Dhabi-backed Alpha Wave Global with Hong Kong-based Ward Ferry coming onboard as a new investor, increasing its total raise to almost $470M. Moglix has given some of its early seed-stage investors an 80x exit as part of the latest financing round.
The Noida-based firm had previously received $120M in a Series E round headed by Falcon Edge Capital and Harvard Management Co., claiming a unicorn valuation of $1B.
Vendaxo, an e-commerce site for buying and selling old machinery, was also acquired last year by Moglix.
Moglix is a B2B marketplace and procurement platform for manufacturing goods that range from centrifugal pumps to fans to routers and pulse oximeters, and was founded by IIT Kanpur and ISB graduate Rahul Garg.
Rahul Garg, Founder & CEO, Moglix, said “We are happy to have the continued support and
faith of our investors, customers, suppliers and team. We are excited to welcome Ward Ferry onboard. As the UAE is set to double the contribution of both light and heavy industrial manufacturing sectors under the ‘Operation Dh300 billion’, we will continue to invest in building technology and supply chain capabilities to enable growth of the manufacturing and infrastructure sector in the region. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion.”
“To support growth in the industrial and infrastructure sectors, we will continue to invest in developing technology and supply chain skills. Moglix will place a greater emphasis on supply chain financing, acquiring the right partners, and expanding globally.”
According to the company, it serves 500,000 small, medium-sized, and large businesses and enterprises.
Moglix competes with three more unicorns in the commerce space: OfBusiness, Infra.Market, and Zetwerk. In 2021, Moglix was one of 43 firms that became unicorns.
It has over 3,000 production sites in India, Singapore, the United Kingdom, and the United Arab Emirates, with customers including Hero MotoCorp, Vedanta, Tata Steel, Unilever, Air India, and NTPC.
Sequoia Capital India is a backer of the firm, which has a supply chain network of 16,000 suppliers, over 40 warehouses, and logistical infrastructure. The business claims to be the largest e-commerce platform for industrial goods in India, with over 700,000 SKUs.
Manufacturing companies such as Unilever, Tata Steel, Vedanta, and Hero MotoCorp use Moglix’s method to purchase indirect materials.