Moglix raises $120 million from Falcon Edge: India's latest unicorn

Industrial goods marketplace Moglix has raised $120 million in a funding round valuing the company at a billion dollars, making it India's latest unicorn and continuing the deal-making spree underway in the country's internet startup space.

The Series E round was led by Falcon Edge Capital and the Harvard Management Company, with existing backers Tiger Global, Sequoia Capital India and Venture Highway also investing, the business-to-business marketplace said on May 17.

Founded by Garg, a former Google executive, in 2015, Moglix sells a wide range of industrial tools, including hammers, drills, wrenches, office stationery and supplies, hospital supplies and automotive supplies. Moglix has been among the many startups tackling the business-to-business e-commerce space in India, seen as a huge market ripe for disruption after the likes of Flipkart grew in the consumer facing e-commerce domain.

It was valued at about $250-300 million in its last round in July 2019, when it raised $60 million led by Tiger at a time when the New York-based investment firm had gone on a B2B and software deal0making spree. Its full-stack system covers procurement, packaging, supply chain financing and highly integrated software.

The deal makes Moglix India's 13th unicorn of 2021. Others who reached the milestone this year include Digit Insurance, Five Star Business Finance, Groww, Urban Company, Cred, Meesho, Innovaccer, Chargebee, Infra.Market, ShareChat and Gupshup.