Moglix has greater than doubled its valuation to about $2.5 billion in simply eight months because the Indian industrial business-to-business market aggressively scales its providing in lots of elements of the world.
Alpha Wave International (previously generally known as Falcon Edge Capital), which led seven-year-old startup’s earlier funding, has returned alongside Tiger International to co-lead the startup’s Sequence F financing spherical, Moglix disclosed in a regulatory submitting with Singapore’s Accounting and Company Regulatory Authority.
Information outlet DealStreetAsia, which first reported about concerning the spherical, estimates that Moglix’s valuation has surged to about $2.5 billion.
Hong Kong-based Ward Ferry additionally participated within the $249 million spherical, a determine that’s bigger than the capital Moglix has amassed in all its earlier funding rounds put collectively.
Based by IIT Kanpur and ISB alumnus Rahul Garg, Moglix operates a B2B market and procurement platform for manufacturing items that might be something from a centrifugal pump to a fan to routers and pulse oximeters
The startup says it serves a whole bunch of hundreds of small, medium-sized companies and enterprises.
It has established over 3,000 manufacturing crops throughout India, Singapore, the UK and the UAE and counts manufacturing giants comparable to Hero MotoCorp, Vedanta, Tata Metal, Unilever and Air India and NTPC amongst its clients.
The startup, which counts Sequoia Capital India amongst its backers, runs a provide chain community of 16,000 suppliers, over 35 warehouses and logistics infrastructure. With near 500,000+ SKUs on its platform, the startup claims to be the biggest e-commerce platform of commercial items in India.