New Delhi, May 17 (IANS): Ratan Tata-backed Moglix on Monday announced that it is the first industrial B2B commerce platform in the manufacturing space in India to become a new unicorn with raising $120 million in fresh funding which took its valuation to $1 billion.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC), and also saw participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway.
"We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India," said Rahul Garg, Founder & CEO, Moglix.
Ratan Tata, the Chairman Emeritus of Tata Sons, had invested an undisclosed amount in the B2B marketplace in 2016.
The latest round of funding takes the total funds raised by Moglix to $220 million.
Moglix is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software.
Founded in 2015 by IIT Kanpur and ISB alumnus Garg, it provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC procure indirect material through the Moglix platform.
"Moglix's distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth," said Navroz D. Udwadia, Co-Founder of Falcon Edge Capital.
Garg said that in these unprecedented times, the company has pledged support and disruptive thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering 1 million people in the country.
"Globally, we have also been instrumental, in this and the last year, in streamlining the PPE supply-chain and distribution across 20+ countries," he informed.