Industrial goods marketplace Moglix Monday said it has raised $120 million (Rs 878 crore) as part of its Series E funding to become the latest Indian startup to storm into the unicorn club of startups with a valuation of at least $1 billion.
The funding round was led by Falcon Edge Capital and Harvard Management Company at $1 billion valuation, said Moglix in a statement.
Existing investors Tiger Global, Sequoia Capital India and Venture Highway also participated in this funding round, said Moglix in the statement.
India has churned out unicorns at a record pace this year depsite the raging pandemic. Fintech firm Cred, epharmacy Pharmeasy, social networking platform ShareChat, marketplace for construction materials Infra.Market and messaging app Gupshup were among other startups that joined the elite club of unicorns this year.
With this latest funding, Moglix has raised $220 million since its inception in 2015.
Moglix, which was founded by IIT Kanpur and ISB alumnus Rahul Garg, provides a full stack service covering procurement, packaging, supply chain financing and highly integrated software. It caters to 500,000 small and medium enterprises (SMEs) and 3000 manufacturing plants across India, Singapore, the UK and the UAE. It has a supply chain network of over 16000 suppliers, more than 35 warehouses and logistics infrastructure.
Garg said that during the pandemic the startup has also been instrumental in streamlining the personal protective equipment (PPE) supply-chain and distribution across more than 20 countries.
Prior to this funding, Moglix had raised $60 million in its Series D funding round led by Tiger Global in 2019.
In an interaction with VCCircle last year, Garg had said the company is well-capitalised and will probably do one more equity fundraise before floating an initial public offering. The company is also moving towards profitability, he had added.
Navroz D. Udwadia, co-Founder of Falcon Edge Capital, said that 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," he added.
A hedge fund and venture-stage investor, Falcon Edge Capital was founded in 2012 by Richard Gerson, along with Navroz D Udwadia and Ryan Khoury. It manages more than $2 billion in assets globally.
In April, it also co led an investment in Cred that propelled the startup to the unicorn club. Last month, it also joined as a new investor in food delivery platform Swiggy. Its other unicorns in India include Ola and Policybazaar.
