HomeBUSINESSRatan Tata-Backed Startup Joins Unicorn Club After Raising $120 Million Funds

Ratan Tata-Backed Startup Joins Unicorn Club After Raising $120 Million Funds

Mogix, supported by enterprise tycoon Ratan Tata, was the most recent entry into the much-awaited unicorn membership. The business-to-business (B2B) commerce platform raised $ 120 million in a brand new financing spherical led by Falcon Edge and Harvard Administration Firm. The corporate mentioned that current buyers of Moglyx together with Tiger International, Sequoia Capital India and Enterprise Freeway additionally participated on this spherical of funding.

The corporate introduced that Mogix is ​​the primary industrial B2B commerce platform within the manufacturing house in India to turn out to be a unicorn.

Based by IIT Kanpur and ISB alumnus Rahul Garg in 2015, the startup offers industrial items to producers by way of its e-commerce platform. The corporate is constructing an working system for manufacturing that gives its clients with a full-stack service masking procurement, packaging, supply-chain financing, and extremely built-in software program.

“We began six years in the past with a agency perception within the untapped potential of the Indian manufacturing sector. “We had the arrogance of giants like Ratan Tata, and a mission to allow the creation of a $ 1 trillion manufacturing economic system in India,” mentioned Rahul Garg, founder and CEO of Moglix. Ratan Tata, honorary chairman of Tata Sons, made the funding. In 2016 an unknown quantity in Mogix.

The B2B commerce platform claims to supply options to over 500,000 small and medium enterprises and three,000 manufacturing vegetation in India, Singapore, UK and UAE. The corporate mentioned it really works with Hero MotoCorp, Vedanta, Tata Metal, Unilever and authorities firms similar to Air India and NTPC to assist them buy development supplies by way of the Moglix platform.

“Moglix’s distinct buyer worth proposition and ROI is mirrored in its excellent buyer and income retention numbers. We imagine that Moglyx is now prepared on a big scale and we’re thrilled to assist the corporate in its subsequent section of development, ”mentioned Navroz de Udvadia, co-founder of Falcon Edge Capital.

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