Industrial B2B marketplace Moglix is the latest startup to join the unicorn club, as the company has announced its $120 Mn funding round today (May 17) at a valuation of $1 Bn.
The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC), with participation from Tiger Global, Sequoia Capital India and Venture Highway. According to a Tech Crunch report, Moglix was also in talks with Tiger Global for this round.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 Tn manufacturing economy in India. Today, as we enter the next stage of our evolution, we feel this financing milestone is a testimony to our journey of innovation and disruption,” Rahul Garg, founder and CEO of Moglix said, in a statement.
Notably, Moglix is the twelfth startup to enter the unicorn club in 2021. About eight startups had entered the club in April 2021, including on-demand service platform Urban Company, wealth management platform Groww, vernacular social media platform Sharechat, B2B communication platform GupShup and others.
Founded in 2015, Moglix is an ecommerce marketplace for different kinds of industrial tools such as power tools, hand tools, adhesives, safety and security and electricals. It procures and supplies safety tools, hardware, office supplies and more to the industries. Moglix runs a supply chain network of 16,000+ suppliers, over 35 warehouses and logistics infrastructure.
The company serves over 500K small and medium business (SMB) and big enterprises including Hero MotoCorp, Vedanta, Tata Steel, Unilever and Air India. It has also set up 3,000 manufacturing plants across India, Singapore, UK and UAE. Moglix has raised $220 Mn funding to-date, from Accel Partners, Jungle Ventures, International Finance Corporation (IFC), Shailesh Rao and InnoVen Capital.
“Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale and we are thrilled to back the Company in the next phase of its growth,” said Navroz D. Udwadia, cofounder of Falcon Edge Capital.
Moglix had reported a revenue of INR 378 Cr in the financial year 2020, representing a 74% increase from INR 217 Cr reported in FY19. During the period, Moglix’s total expenses also shot up 72%, from INR 265 Cr in FY19 to INR 456 Cr in FY20. While the revenue growth was higher, the company’s net loss increased to INR 78 Cr in FY20, an increase of 62.5%, from INR 48 Cr in FY19.
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