Industrial goods marketplace Moglix on Friday said it has raised $250 million (Rs 1878 crore) as part of its Series F funding round led by existing investors Tiger Global and Alpha Wave Global and new investor Hong Kong-based Ward Ferry.
The latest funding was raised at a valuation of $2.6 billion, according to Moglix.
The company's valuation has thus more than doubled in less than a year since it raised its Series E funding led by Alpha Wave Global (formerly Falcon Edge Capital) and Harvard Management Company in May last year. That funding round had turned Moglix into a unicorn, or a private company with a valuation of at least $1 billion.
Moglix, operated in India by MogliLabs Pvt. Ltd, also delivered 80 times return on investment to its seed investors as part of the transaction, the company said but did not disclose any names.
Rahul Garg, Founder and CEO, Moglix, said the company will continue to invest in building technology and supply chain capabilities to enable 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," he added.
Moglix, founded by IIT Kanpur and ISB alumnus, Rahul Garg, in 2015, provides a service covering procurement, packaging, supply chain financing and software. It caters to more than 500,000 small- and medium-sized enterprises (SMEs) and over 1000 large manufacturers across India and the UAE. Moglix has a supply chain network of more than 16,000 suppliers, over 40 warehouses and logistics infrastructure.
In February last year, Moglix launched Credlix, which is a digital supply chain financing platform. Later in November, Credlix acquired trade financing focused-fintech startup NuPhi for an undisclosed amount. Last year, Moglix also bought machinery marketplace Vendaxo.
In an interaction with VCCircle in December, Garg said the company will look to acquire companies with revenues up to $100 million across MRO (maintenance, repair, and operations), packaging and infrastructure spectrum. Garg also said that it aims to build a more predictable business before going public.
Earlier, Moglix raised funding from Sequoia, Accel Partners, International Finance Corporation (IFC), and others. Ratan Tata, Chairman Emeritus, Tata Sons had invested in the start-up in 2016.
