B2B industrial goods marketplace Moglix is in talks with new and existing investors to raise $150-200 million, which will more than double its valuation, according to sources familiar with the deal
The Noida-based firm had previously raised $120 million in a Series E round led by Falcon Edge Capital and Harvard Management Co., claiming a unicorn valuation of $1 billion.
“Moglix is eyeing a $150 million plus round from new and existing backers such as Falcon Edge, Tiger Global and Sequoia,” said one of the sources on the condition of anonymity. “The round is expected to close soon.”
Moglix is a B2B commerce platform in the industrial and MRO procurement space that provides a full-stack service that includes procurement, packaging, supply chain financing, and integrated software.
“Falcon Edge is likely to lead the round while Tiger Global will double down its stake in Moglix. A couple of new investors are also in talks to join the fresh round which would value Moglix in the range of $2-2.5 billion,” said the second source who also requested anonymity as talks are private.
If the transaction goes through, the company’s valuation will have increased significantly in the last few years. During its $60 million round in July 2019, it was valued at $300 million.
The six-year-old company claims to have over 150,000 clients, in addition to over 250 enterprises and corporations, and caters to both large and SME players in the manufacturing industry. According to the company, it has 3,000 manufacturing plants in India, Singapore, the United Kingdom, and the United Arab Emirates.
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