Indian business-to-business (B2B) e-commerce platform Moglix announced on Friday (January 28th) that it raised $250 million in its latest fundraising round and its valuation stands at $2.6 billion, according to a report from the Economic Times.
Existing investors Tiger Global and Alpha Wave Global led Moglix’s latest push to raise new capital, while Hong Kong-based Ward Ferry joined as a new investor. The latest funding round included the sale of shares by some of Moglix’s seed-stage investors, the report said.
Moglix, which launched in 2015, works with manufacturing and infrastructure companies to streamline their supply chain needs from procurement to distribution. It offers industrial supplies in industrial safety, electrical, office stationery, power tools and other categories through its e-commerce channel. The company has 700,000 units of inventory in its B2B e-commerce marketplace.
“We are pleased to have the continued support and trust of our investors, customers, suppliers and team,” said Rahul Garg, founder and CEO of Moglix, in the company’s announcement. “We are delighted to welcome Ward Ferry on board.
“We will continue to invest in building supply chain technologies and capabilities to enable manufacturing and infrastructure growth. Moglix will increasingly focus on growth led by supply chain finance, acquiring the right partners and expanding globally,” he said.
Moglix became a unicorn — a private company valued at at least $1 billion — when it raised $120 million in funding, led by Falcon Edge Capital and Harvard Management. Other investors include Sequoia Capital India, Accel Partners, Tata Sons Chairman Emeritus Ratan Tata and Flipkart CEO Kalyan Krishnamurthy.
The company claims to provide industrial solutions and products to more than 500,000 small and medium-sized enterprises (SMEs) and more than 1,000 large manufacturers in India and the United Arab Emirates. It has a supply chain network of over 16,000 suppliers and operates in 40 warehouses along with an in-house logistics team.
Moglix also set up its digital supply chain finance platform, Credlix, last February, which has issued more than $100 million in loans.
Related: Indian B2B e-commerce company Moglix secures $120m funding
Unilever, Tata Steel, Vedanta and Hero MotoCorp are among the manufacturing companies that source materials indirectly through Moglix’s system.