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India’s Moglix valued at $2.5 billion in new funding – TechCrunch

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India’s Moglix valued at $2.5 billion in new funding – TechCrunch

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Moglix has more than doubled its valuation to around $2.5 billion in just eight months as India’s B2B industrial market aggressively expands its offering in many parts of the world.

Alpha Wave Global (formerly known as Falcon Edge Capital), which led a seven-year-old startup’s previous funding round, has returned alongside Tiger Global to co-lead the startup’s Series F funding round, Moglix disclosed in a regulatory filing with Singapore’s Accounting and Corporate Regulatory Authority.

Media outlet DealStreetAsia, which first reported on the round, estimates Moglix’s valuation has jumped to around $2.5 billion.

Hong Kong-based Ward Ferry also participated in the $249 million round, more than the capital raised by Moglix in all of its previous funding rounds combined.

Founded by IIT Kanpur and ISB alumnus Rahul Garg, Moglix operates a B2B marketplace and sourcing platform for manufacturing goods ranging from a centrifugal pump to a fan to routers and pulse oximeters.

The startup claims to serve hundreds of thousands of small and medium-sized businesses and enterprises.

It has established more than 3,000 manufacturing plants in India, Singapore, UK and UAE and counts among its customers manufacturing giants such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and Air India and NTPC.

The startup, which counts Sequoia Capital India among its backers, operates a supply chain network of 16,000 suppliers, more than 35 warehouses and logistics infrastructure. With nearly 500,000 listings on its platform, the startup claims to be the largest industrial goods e-commerce platform in India.

India’s Moglix valued at $2.5 billion in new funding – TechCrunch

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