Indian business-to-business (B2B) eCommerce platform Moglix on Friday (Jan. 28) announced it has raised $250 million in its most recent fundraising round and its valuation is up to $2.6 billion, according to an Economic Times report.
Existing investors Tiger Global and Alpha Wave Global led the latest Moglix push for fresh 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 says.
Moglix, which was launched in 2015, works with manufacturing and infrastructure companies to streamline their supply chain needs, from procurement to distribution. It offers industrial supplies across industrial safety, electricals, office stationery, power tools and other categories through its eCommerce channel. The company boasts 700,000 stock units on its B2B eCommerce marketplace.
“We are happy to have the continued support and faith of our investors, customers, suppliers and team,” said Rahul Garg, founder and CEO of Moglix, in the company announcement. “We are excited to welcome Ward Ferry onboard.
“We 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 said.
Moglix became a unicorn — a private company with a valuation of 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 says it provides solutions and industrial products to more than 500,000 small- to medium-sized businesses (SMBs) and more than 1,000 large manufacturers in India and the United Arab Emirates. It has a supply chain network of more than 16,000 suppliers and operates in 40 warehouses as well as offering an in-house logistics team.
Moglix also set up its digital supply chain financing platform, Credlix, last February, which has handed out more than $100 million in loans.
Related: Indian B2B eCommerce Firm Moglix Lands $120 Million In Funding
Unilever, Tata Steel, Vedanta and Hero MotoCorp are among the manufacturing firms that purchase indirect material through Moglix’s system.
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