Moglix becomes the latest member of the knitted cord of exclusive startups. According to a report, Moglix has been pondering the opportunity of associating with the unicorn club following the integration of eight startups last month. The B2B sector has advanced due to the unexpected churn of the markets during the first quarter of 2021. B2B marketplace in India has raised fortune revenues by raising capital funds. It is some positive news amidst the economic slowdown prevailing in India.
Moglix has raised $120 million as a part of its exclusive series E funding round, which took the B2B e-commerce startup’s total valuation past $1 billion. It becomes only the thirteenth conglomerate to accomplish the objective across the second-largest marketplace of the world. The company has invited fortune companies to invest in their funds and has gained global acknowledgment. The industrial peers have lifted the moods of the B2B marketplace, which got accounted for increased members in the unicorn club.
Moglix’s financing round was led by Falcon Edge Capital and Harvard Management Company(HMC). The colossal financing event also involved the participation of the existing stakeholders Tiger Global, Sequoia Capital India, and Venture Highway.
Moglix’s to-date raising funds estimates at around $220 million.
The gauging equity infusion has assisted the B2B force, attaining a three-time increase in valuation for the company compared to the last reported figures in July 2019. The six-year-long hustle has proved to be a life-changer for Moglix and the overall industrial conjecture. The company’s procurement holds the entrant of only the second unicorn to get birthed this year, after Inframarket.com.
The company’s inaugural inception dates back to 2015. It got founded back then as a B2B e-commerce platform in the industrial procurement space. It also manifests a special place for MRO(maintenance, retail, and operations), which the company is resorting to revamp or remodel. The startup usually provides the manufacturers with industrial goods and services through its B2B platform- domestic and international.
Moglix is structuring an operating system for manufacturing that furnishes its customers with a full-stack deployment service covering procurement, packaging, supply chain financing, and highly integrated software. The latest acquisition in the unicorn club comes from the B2B industrial marketplace, which in itself is a bolstering sign for things to follow. Preceding the Urban company’s surge to the unicorn club on April 27, the turnaround will be so swift wasn’t propagated across the hub.
B2B Platform, Moglix.
When Moglix got founded on the frontier of an e-commerce platform, it had to face the long-standing battle of changing the consumer penetrations towards the new generational of the marketplace. The company gasped on opportunities and has given fierce competition to other manufacturing giants in the making.
“We commenced six years ago with a solidified belief of empowering the creation of a $1 trillion manufacturing economy in India. When we inaugurated, we discovered the untapped potential in the Indian manufacturing sector, said Rahul Garg, founder & CEO, Moglix.
The company’s representatives acknowledged the immense support acquired from Falcon Edge Capital in this challenging journey. Falcon Edge Capital, cognitive links in the Middle East and Europe, and an understanding of public companies will foster Moglix’s success pathway. Moglix has emerged as one of the influential goods and service providers in the B2B industrial marketplace.
In response to extending their business activities with Moglix, Falcon Edge Capital issued a public statement conveying more details about their partnership. “Moglix’s distinctive customer value proposition and high ROI are striking within the recent exponential retention numbers, which has impacted the revenues substantially.
Moglix is poised to endeavor to scale growth in the forthcoming series of investments, and we get enticed to support the company in culminating higher growth prospects,” said Navroz D. Udwadia, Co-Founder of Falcon Edge Capital, addressed to the media houses in a statement. He said that he has evaluated various checks and tracked the company’s progress for years before writing the cheque.
It has empowered solutions to more than 500,000 small and medium enterprises across distinctive countries. The international pathway has got covered across India, Singapore, The UK, and the UAE.
Indian conglomerates have amplified their procurement fundings from Moglix due to the vast variety of options available. It works with gigantic groups like Hero Motocorp, Vedanta, Tata Steel, Unilever, and Air India. The funding appraisal from the cooperate sector helped the B2B place to accomplish the financial milestone, which the company claims is a breakthrough step in its innovation regime.
Moglix’s Customer-Related Strategies Helped to Boost ROI
Moglix’s supply chain network has built its way through overcoming disruptions in the longer run. Now it has reformed a significant position by instilling over 16,000 suppliers, over 35 warehouses, and a logistics management structure. The domestic evaluation has covered most of the company’s aspirations, and now it has held on to being the largest B2B e-commerce platform of industrial goods across India. Indian domestic manufacturers could develop a synopsis of following in the footsteps of the latest unicorn member to revamp its paradigm in the industrial marketplace.
Moglix was not only one, but different business-to-business associates including Zetwerk and Inframarket.com have built niche categories on their platform in the South Asian nation in recent years. Contemplating the untapped potential of the Indian contingent, the company has boosted its funding in operations. Moglix’s revenue charts for the FY2020 were at an all-time 74 percent high from the previous year’s revenues earnings of Rs 217 CR. The companies’ prominent revenues come from its industrial assistance to cooperates as the company reported Rs 378 CR.
However, due to the curbing businesses, the company’s total expenses in the repair and maintenance of warehouses increased by 72 percent, estimated at Rs. 465 CR. The growth prospects for the unicorn club incorporates had been higher, but their annual profits shrink due to the sizeable investment in expanding its international lines. Over the past two years, India’s unicorn club has also had an emphatic change in trends of consumer penetration.
The 13 startups are pushing discernment efforts in rallying their operations across the notion of diversification in the range of products and services. It has also paved the way for other small and medium enterprises to overcome their economic divergence bolstering the employment generations. Millions of prospering India furloughed from their jobs more recently are getting the valiant opportunity for remote work. All thanks to the Unicorn club initiative driven by e-commerce developments.
