Mogix, endorsed by firm tycoon Ratan Tata, has been the newest entrant into the much enviable Uni-Corn club. The business to business (B2B) trade platform increased $120 million into a brand new financing round led by Falcon Edge and also Harvard Management Company. Moglix’s current investors such as Tiger world wide, Sequoia Capital India and also Venture Highway also engaged in this type of financing, the firm said.
Mogix has been the very first industrial B2B trade platform at the manufacturing industry in India to develop into unicorn, the organization announced.
Launched in 2015 from IIT-Kanpur and ISB alumnus Rahul Garg, the startup provides manufacturers with industrial goods through its e commerce platform. The business is building a working platform for fabricating that provides its clients using a full-stack service covering packaging, procurement, supply chain financing and exceptionally integrated applications, it also said.
“We started two years past with a strong belief at the potential of the Indian manufacturing industry. We had the confidence of stalwarts such as Ratan Tata, and also a mission to allow the introduction of a $1 billion trillion manufacturing market in India,” said Rahul Garg, creator and ceo, Moglix. Ratan Tata, the chairman emeritus of Tata Sons, spent an undisclosed amount in Mogix at 20-16.
Even the B2B trade platform promised to provide methods for over 500,000 small and medium businesses and 3,000 fabricating plants around India, Singapore, the UK and UAE. The business said it works together Hero MotoCorp, Vedanta, Tata Steel, Unilever and state-run organizations including Air India and also NTPC to help them secure manufacturing material throughout the Moglix platform.
“Moglix’s identifying consumer value proposition and ROI are observable in its own out standing customer and sales retention amounts. We believe Moglix has become well poised to climb and we’re thrilled to rear the company within the next period of its growth,” explained Navroz D Udwadia,” cofounder of Falcon Edge Capital.
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