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Moglix has more than doubled its valuation to about $2.5 billion from $1 billion just eight months ago as the Indian industrial business-to-business marketplace aggressively scales its offerings in many parts of the world.
Alpha Wave Global (formerly called Falcon Edge Capital), which led the seven-year-old startup’s previous funding, has returned alongside Tiger Global to co-lead the Series F financing round, Moglix disclosed in a regulatory filing with Singapore’s Accounting and Corporate Regulatory Authority.
News outlet DealStreetAsia, which first reported about the round, estimates that Moglix’s valuation has surged to about $2.5 billion.
Hong Kong-based Ward Ferry also participated in the $249 million round, a figure that is larger than the capital Moglix amassed in all its previous funding rounds put together.
Founded by IIT Kanpur and ISB alumnus Rahul Garg, Moglix operates a B2B marketplace and procurement platform for manufacturing goods that could be anything from a centrifugal pump to a fan to routers and pulse oximeters
The startup says it serves hundreds of thousands of small, medium-sized businesses and enterprises.
It has established over 3,000 manufacturing plants across India, Singapore, the UK and the UAE and counts manufacturing giants such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and Air India and NTPC among its customers.
The startup, which counts Sequoia Capital India among its backers, runs a supply chain network of 16,000 suppliers, over 35 warehouses and logistics infrastructure. With close to 500,000+ SKUs on its platform, the startup claims to be the largest e-commerce platform of industrial goods in India.
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