Moglix, located in India, landed $120 million in new funding, bringing its valuation to a billion dollars to transform the company into a new unicorn. The industrial B2B commerce company has raised $220 million in total funds with the newest round, according to a Monday (May 17) post on Yahoo News.
Harvard Management Company and Falcon Edge Capital headed up the Series E funding round, which also had participation from current backers Venture Highway, Sequoia Capital India and Tiger Global.
Tata Sons Chair Emeritus Ratan Tata backed the company with an investment in 2016.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India,” Moglix Founder and CEO Rahul Garg said, as per the Yahoo News report.
The company is developing an infrastructure for manufacturing that gives a full-stack offering to clients that handles purchasing, supply chain financing, packaging and very connected software.
Unilever, Tata Steel, Vedanta and Hero MotoCorp are among the manufacturing firms that purchase indirect material by the way of Moglix’s system.
“Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale,” Falcon Edge Capital Co-Founder Navroz D. Udwadia said, as per Yahoo News.
The news comes as udaan, the Indian B2B eCommerce platform, said it notched $280 million in further funds as of January 6 from new and current backers. udaan has a broad array of specialties, working in areas such as toys, fruit, vegetables and electronics.
As previously reported, Co-Founder Amod Malviya said udaan was “at the forefront of this uniquely Indian e-commerce opportunity” during the last several years and was working on an “India-first mobile-first” perspective to eCommerce.