🇮🇳 B2B marketplace picks up $250m in Tiger Global co-led round

India-based Moglix, a B2B marketplace for industrial goods, raised US$250 million in a series F funding round led by Tiger Global and Alpha Wave Global. The round also saw participation from Ward Ferry, a Hong Kong-based investment firm.

The latest round saw Moglix’s valuation more than double to US$2.6 billion, up from May 2021 when it became a unicorn with a US$120 million series E round.

The Moglix team / Image credit: Moglix

Founded in 2015, Moglix operates an ecommerce platform for industrial goods in India and has close to 700,00 stock-keeping units. It also offers software-as-a-service products for contract management.

The company announced its foray into supply chain financing in 2021 with the launch of its digital platform Credlix, which has hit a disbursal rate of over US$100 million.

Moglix was Tiger Global’s first investment in India’s B2B sector when it backed the Noida-based firm in 2019. The US firm has doubled down on its invest in the startup over the last three years.

The B2B platform is also backed by the likes of Sequoia Capital India, Jungle Ventures, Accel India, International Finance Corporation, and Ratan Tata, who is the chairman emeritus of Tata Sons.

Moglix said that its early investors – who had backed it at the seed stage – got an exit during its latest round and received returns of 80x on their investment.

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Moglix was founded in 2015 by Rahul Garg, an IIT Kanpur alumnus and ex-Google executive.

The Indian firm currently provides solutions to more than 500,000 SMEs and over 1,000 large manufacturers across India and the United Arab Emirates. Moglix said it has a supply chain network of 16,000 suppliers, over 40 warehouses, and other logistics infrastructure.