Indian mechanical business-to-business commercial center Moglix has brought $120 million up in another financing round at a $1 billion valuation to turn into the thirteenth firm from India to accomplish unicorn status in the country this year.
The general valuation rose to $1 billion after its most recent arrangement E subsidizing round, drove by Falcon Edge Capital and Harvard Management Company (HMC). Existing financial backers Tiger Global, Sequoia Capital India and Venture Highway likewise took an interest in this round. The six-year old startup has raised $220 million to date.
Moglix is established by IIT Kanpur graduate Rahul Garg, previous Head of Advertising Exchange at Google Asia. Moglix is a commercial center for acquisition of modern items like MRO (production, fix and working supplies), latches, electrical, equipment, pneumatics, and wellbeing things among others.
As of now, Moglix is serving in excess of 5,00,000 little and medium ventures and 3,000 assembling plants across India, Singapore, the UK and the United Arab Emirates. It likewise works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and public assistance endeavors, for example, Air India and NTPC to assist them with getting aberrant material through its foundation.
The B2B web based business market is at present in the developing stage. As per a report by consultancy firm PwC, producers actually depend on disconnected (and to a great extent disorderly) and backhanded buy for 80% of their stock necessities. Moglix has an early mover in this space.
The organization’s income dramatically multiplied in the monetary year finishing March 2019 to ₹217 crore and the misfortunes expanded to somewhat over ₹48 crore, as indicated by a Moneycontrol report in March 2021.
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My name is Mayank Bansal I have a keen interest in writing about the latest happenings in business and market. I am a news writer at review minute.