Monday, May 29, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Business | Ratan Tata Backed Moglix Becomes New Unicorn From India

Ratan Tata-backed Moglix becomes new unicorn from India

The latest round of funding takes the total funds raised by Moglix to $220 million.

By IANS
Published Date - 10:53 AM, Mon - 17 May 21
Ratan Tata-backed Moglix becomes new unicorn from India
The latest round of funding takes the total funds raised by Moglix to $220 million.
whatsapp facebook twitter telegram

New Delhi: Ratan Tata-backed Moglix on Monday announced that it is the first industrial B2B commerce platform in the manufacturing space in India to become a new unicorn with raising $120 million in fresh funding which took its valuation to $1 billion.

The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC), and also saw participation from existing investors Tiger Global, Sequoia Capital India and Venture Highway.

“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,” said Rahul Garg, Founder & CEO, Moglix.

Ratan Tata, the Chairman Emeritus of Tata Sons, had invested an undisclosed amount in the B2B marketplace in 2016.

The latest round of funding takes the total funds raised by Moglix to $220 million.

Moglix is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software.

Founded in 2015 by IIT Kanpur and ISB alumnus Garg, it provides solutions to more than 500,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC procure indirect material through the Moglix platform.

“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 and we are thrilled to back the company in the next phase of its growth,” said Navroz D. Udwadia, Co-Founder of Falcon Edge Capital.

Garg said that in these unprecedented times, the company has pledged support and disruptive thinking to help solve the challenge of effective distribution and sharing of oxygen concentrators covering 1 million people in the country.

“Globally, we have also been instrumental, in this and the last year, in streamlining the PPE supply-chain and distribution across 20+ countries,” he informed.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


  • Follow Us :
  • Tags
  • Falcon Edge Capital
  • Harvard Management Company (HMC)
  • Moglix
  • new unicorn

Related News

  • Ratan Tata appointed to ‘Order of Australia’ for bolstering bilateral ties

    Ratan Tata appointed to ‘Order of Australia’ for bolstering bilateral ties

  • Abu Dhabi Investment Authority invests $500 million in eyewear unicorn Lenskart

    Abu Dhabi Investment Authority invests $500 million in eyewear unicorn Lenskart

  • Ratan Tata backs startup Goodfellows, that helps lonely senior citizens

    Ratan Tata backs startup Goodfellows, that helps lonely senior citizens

  • Tata Sons reappoints N Chandrasekaran as chairman for five years

    Tata Sons reappoints N Chandrasekaran as chairman for five years

  • Ratan Tata conferred with ‘Assam Baibhav Award’

    Ratan Tata conferred with ‘Assam Baibhav Award’

  • Ratan Tata celebrates 84th birthday with a cupcake

    Ratan Tata celebrates 84th birthday with a cupcake

Latest News

  • IPL 2023: CSK clinches record-equalling fifth title, beats GT by 5 wickets

    2 hours ago
  • Opinion: Politicisation of populations

    3 hours ago
  • Cognitive impairment linked to consumption of excess salt: Study

    3 hours ago
  • Editorial: Reminiscent of coronation

    3 hours ago
  • De-addiction centres set up in 33 districts of Telangana

    3 hours ago
  • Heatwave conditions to persist in Hyderabad

    3 hours ago
  • French Open: Stephens, Pavlyuchenkova advance; Svitolina makes winning return

    3 hours ago
  • SIT arrest 3 more persons in TSPSC question paper leak case

    3 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam