Noida-based B2B ecommerce marketplace Moglix has doubled its valuation from $1 billion to $2.6 billion after raising $250 million in a new financing round, bringing the total raised capital to about $471 million till date.
The Series F round was led by returning investors -- Tiger Global and Alpha Wave Global. Hong Kong-based investment firm Ward Ferry also participated in the latest round. Moglix previously had raised $120 million in Series E round at a billion-dollar valuation.
“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," said Rahul Garg, Founder & CEO of Moglix.
Founded in 2015 by IIT Kanpur alumni Rahul Garg, Moglix, through its B2B marketplace, provides business supplies and industrial equipment across categories like stationery, electricals, agriculture, healthcare, gardening, tool equipment, etc. It works with manufacturing and infrastructure companies to help streamline their end-to-end supply chain, from procurement to distribution.
With a network of over 16,000 suppliers and over 7,00,000 SKUs (Stock Keeping Units), Moglix is serving more than 500,000 small and medium enterprises as well as over 1,000 large manufacturers across India and the UAE, it said.
"We are focused on our mission to enable the creation of a $1 trillion manufacturing ecosystem in India,” Rahul said. In February 2021, The B2B startup had launched its digital supply chain financing platform, Credlix. Since then, the financing platform has crossed over $100 million in loan disbursals, it adds.
According to Rahul, Moglix will continue to invest in building technology and supply chain capabilities to enable the growth of the manufacturing and infrastructure sector. "Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners, and global expansion," Rahul adds.
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