The Indian B2B marketplace startup Moglix has been rapidly scaling up its offerings. The 7-year-old firm recently completed the Series F financing round led by Alpha Wave Global and Tiger Global, and their current valuation stands at approximately $2.5 billion. This is a huge jump from the $1 billion valuations of last year and is primarily owed to the huge funds raised in Series F.
Moglix was founded by Rahul Garg and provides manufacturing goods to both SMEs and enterprise-grade businesses. Its manufacturing plants span across India, Singapore, UAE, and the UK; and number over 3000 approximately. Among its customers are industry giants such as Tata Steel, AirIndia, Unilever, Vedanta, etc. Their product offerings range includes routers, pumps, oximeters, and much more; thereby serving a massive range of industries.
The brainchild of an IIT and ISB alumnus, Moglix operates through a 16,000 supplier strong supply chain and holds over 35 warehouses. They claim that they are the largest industrial goods provider in the eCommerce sector in India, and have over 500,000 SKUs on their platform to support this claim.
Their Series F financing round saw the brand amassing the huge sum of $249 million. While the funds were primarily provided by previous backers Alpha Wave Global; Sequoia Capital, Ward Ferry, and Tiger Global also provided a large amount of investment. The amount was disclosed in their regulatory filing with Singaporean authorities, and reports claim that the brand valuation is now well over $2.5 billion.
The raised amount will help Moglix grow its offerings even further and capture a bigger chunk of the market. The eCommerce market in India has been growing exponentially for both B2B and B2C sectors, and brands such as Moglix are here to ride the wave long-term.