Unicorn Moglix, valuation jumped to $2.6 billion in short period. The company raised $250 million in a Series F round of funding led by returning investors Tiger Global and Alpha Wave Global.
The total equity capital raised by Moglix including the current funding has risen to $470 million. The company previously raised $120 million in May 2021 in a Series E round led by Falcon Edge Capital and Harvard Management Company at a valuation of $1 billion.
“We are happy to have the continued support and faith of our investors, customers, suppliers, and team. We are excited to welcome Ward Ferry onboard. We are focused on our mission to enable creation of a $1 trillion manufacturing ecosystem in India,” said Rahul Garg, Founder and CEO of Moglix, in the news statement.
Unicorn Moglix to invest $250 Million to build new capabilities
He added, “We will continue to invest in building technology and supply chain capabilities to enable the 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.”
Founded in 2015 by former Google executive Rahul Garg, Moglix has a supply chain network of over 16,000 suppliers, with over 7 lakh SKUs (Stock Keeping Units) on its marketplace. The startup also has a network of over 40 warehouses and has grown its supply chain financing platform for suppliers and manufacturers, Credlix, to clock a disbursal rate of $100 million.
The company provides end-to-end supply chain for procurement and distribution of finished industrial goods to manufacturing and infrastructure companies. Moglix works with over five lakh SMEs and serves over 1,000 large manufacturers across India and the UAE.
Hong Kong based investment firm Ward Ferry also joined the round.
