The investment, which values the B2B e-commerce firm at $1 billion, was also backed by current investors Tiger Global, Sequoia Capital India and Venture Highway.
Moglix, which has Accel Partners and Jungle Ventures as its early investors, has so far raised $220 million in funding. Individuals like Ratan Tata, Flipkart’s Kalyan Krishnamurthy have also been investors of Moglix. The Noida and Singapore-based firm had last raised about $60 million in capital led by Tiger Global Management and Sequoia Capital in 2019.
The platform facilitates procurement of industrial goods gear and MRO (upkeep, repair and operations) supplies by businesses as effectively as suppliers.
The corporation will deploy the fresh funds to broaden its solution portfolio and assistance its domestic and worldwide expansion plans. “The company is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software,” the firm stated in a statement on Monday.
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Founded in 2015 by Rahul Garg, Moglix today claims to provide options to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. Several manufacturing businesses such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC, procure indirect material via the Moglix platform. Moglix stated it has a provide chain network of more than 16,000 suppliers, 35 warehouses and logistics infrastructure.