Industrial commodity market Moglix has raised $ 120 million in a multi-billion dollar sponsorship round, making it India’s latest unicorn and the ongoing discovery of contracts that continues in the world’s first online space.
The Series E series is led by Falcon Edge Capital and Harvard Management Company, with existing sponsors Tiger Global, Sequoia Capital India and Venture Highway also investing, the business-to-business market reported on May 17.
“We started six years ago strongly believing that the power of the Indian manufacturing sector is untenable. We were hoping for celebrities like Ratan Tata, and the goal of allowing the creation of a $ 1 trillion productive economy in India. Today, as we enter the next phase of evolution, we feel that this financial milestone is proof of our journey through innovation and disruption, ”said founder Rahul Garg.
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Founded by Garg, former chief executive of Google, in 2015, Moglix sells a wide range of industrial tools, including hammers, drills, wrenches, office stationery and equipment, hospital supplies and car accessories. Moglix was among the many initiatives facing the e-commerce business center in India, seen as a major market ready to be disrupted following Flipkart’s popularity with the e-commerce consumer domain.
It cost about $ 250-300 million in its final round in July 2019, when it raised $ 60 million owned by Tiger at a time when a New York-based investment company visited B2B with software deal0making spree.
Its fully integrated program includes product purchases, installation, sales financing and highly integrated software.
“In these unprecedented times, we have pledged our support and critical thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering 1M + people in the country. Globally, we have also been involved, this year and last year, in reducing the supply and distribution of protective equipment (PPE) in 20+ countries, ”said Garg.
This agreement makes for the 2021 Moglix India Unicorn 13. Other milestones this year include Digit Insurance, Five Star Business Finance, Groww, Urban Company, Cred, Meesho, Innovaccer, Chargebee, Infra.Market, ShareChat and Gupshup.
“We have learned and followed Moglix for years, driven by our global knowledge of investing in online MRO forums. We are strong believers in Rahul, his first profit margin, his complete solution for inefficient customers and his ability to power the economic unit,” said one of the founders of Falcon. Edge Capital, Navroz D Udwadia.
