Moglix, a business-to-business (B2B) ecommerce platform, has raised $250 million in its Series F funding round, at a valuation of $2.6 billion, the company said in a statement. The financing round was led by existing investors Tiger Global and Alpha Wave Global along with Hong Kong based Ward Ferry, which is joining as a new investor, reported ET.
With the current fundraise, seed-stage investors in Moglix have made an exit by selling their shares, the company said.
Founded in 2015 by Rahul Garg, 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. From procurement to distribution and financing, the startup claims to be an end-to-end ecommerce company. The company claims to have over 700,000 stock units on its B2B ecommerce marketplace.
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In May last year, the company entered the ‘unicorn’ club led by Falcon Edge Capital and Harvard Management after mopping up $120 million. A unicorn is a privately held startup valued at $1 billion or more.
Other backers in Moglix include Sequoia Capital India, Accel Partners, Tata Sons’ Chairman Emeritus Ratan Tata as well as Flipkart CEO Kalyan Krishnamurthy.
At present, the company claims to provide solutions and industrial products to more than 500,000 small and medium enterprises as well as to over 1000 large manufacturers across India and the UAE.
It has a supply chain network of over 16,000 suppliers, and operates across 40 warehouses along with an in-house logistics infrastructure. In February, the company also set up its digital supply chain financing platform, Credlix. It has crossed over $100 million in loan disbursals, on its credit platform, the company said.
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