Mogix, backed by enterprise tycoon Ratan Tata, was the newest entrant to the a lot coveted unicorn membership. The business-to-business (B2B) commerce platform raised $120 million in a brand new financing spherical led by Falcon Edge and Harvard Administration Firm. Moglix’s current traders together with Tiger International, Sequoia Capital India and Enterprise Freeway additionally participated on this spherical of funding, the corporate mentioned.
Mogix was the primary industrial B2B commerce platform within the manufacturing house in India to grow to be a unicorn, the corporate introduced.
Based in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, the startup supplies producers with industrial items by way of its e-commerce platform. The corporate is constructing an working system for manufacturing that gives its clients with a full-stack service masking procurement, packaging, supply-chain financing and extremely built-in software program, it mentioned.
“We began six years in the past with a agency perception within the untapped potential of the Indian manufacturing sector. We had the belief of stalwarts like Ratan Tata, and a mission to allow the creation of a $1 trillion manufacturing economic system in India,” mentioned Rahul Garg, founder and chief government officer, Moglix. Ratan Tata, the chairman emeritus of Tata Sons, invested an undisclosed quantity in Mogix in 2016.
The B2B commerce platform claimed to supply options to greater than 500,000 small and medium enterprises and three,000 manufacturing vegetation throughout India, Singapore, the UK and UAE. The corporate mentioned it really works with Hero MotoCorp, Vedanta, Tata Metal, Unilever and state-run corporations equivalent to Air India and NTPC to assist them procure manufacturing materials by way of the Moglix platform.
“Moglix’s distinctive buyer worth proposition and ROI are seen in its excellent buyer and income retention numbers. We imagine Moglix is now properly poised to scale and we’re thrilled to again the corporate within the subsequent part of its progress,” mentioned Navroz D Udwadia, co-founder of Falcon Edge Capital.