Indian B2B e-commerce platform Moglix has become the 13th unicorn the country minted this year after a USD 120 million Series E round co-led by Falcon Edge Capital and Harvard Management Company (HMC).
Existing investors including Tiger Global, Sequoia Capital India, and Venture Highway also participated in the round. With this latest round of funding Moglix has raised a total of USD 220 million so far.
Moglix has become the fifth B2B company this year, after Infra.Market, Innovaccer, Gupshup, and Chargebee, to command the valuation of over USD 1 billion, a trend that analysts say is slowly becoming bigger.
Founded in 2015 by Rahul Garg, an alumnus of India’s prestigious engineering college IIT Kanpur, Moglix is an online marketplace for industrial products in the category of automotive, laboratory and scientific equipment, agriculture, commercial kitchen supplies, among others.
The Singapore-headquartered unicorn claims that more than 500,000 small and medium enterprises as well as 3,000 manufacturing plants across India, Singapore, UK, and UAE use the platform to connect with the suppliers of industrial products for bulk purchases.
In addition to running the marketplace, Moglix also provides a software-as-a-service to SMEs for contract management. The company said, FMCG giant Unilever uses its SaaS platform to manage supplies worth USD 30 billion a year in over 70 countries.
The company has recently entered the lending business with the launch of Credlix, a supply chain financing platform for suppliers and manufacturers. It expects to disburse INR 1,000 crore (USD 136 million) in the coming year.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We are glad that Falcon Edge Capital and Harvard Management Company (HMC) have partnered with us in this journey. Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies will guide us through the next phase of our journey,” Garg, founder of Moglix, said in a statement.
Moglix competes with players like Accel-backed Power2SME, IndustryBuying, and over two decades old B2B major IndiaMart that went public in 2019.