India’s Moglix valued at $2.6 billion in $250 million funding – TechCrunch

Moglix has additional than doubled its valuation to about $2.6 billion from $1 billion just 8 months back as the Indian industrial organization-to-business market aggressively scales its offerings in numerous areas of the world.

Alpha Wave Worldwide (formerly known as Falcon Edge Money), which led the seven-yr-aged startup’s former funding, has returned along with Tiger World to co-lead a $250 million Series F funding spherical, the startup stated.

Hong Kong-based mostly Ward Ferry also participated in the round, bringing its all-time elevate to about $470 million. As section of the new financing spherical, Moglix has specified an 80x exit to some of its early seed-stage buyers, it mentioned Friday.

Founded by IIT Kanpur and ISB alumnus Rahul Garg, Moglix operates a B2B market and procurement platform for manufacturing merchandise that could be just about anything from a centrifugal pump to a lover to routers and pulse oximeters.

“We are delighted to have the ongoing assist and religion of our investors, customers, suppliers and staff. We are psyched to welcome Ward Ferry onboard. We are concentrated on our mission to empower generation of a $1 trillion manufacturing ecosystem in India,” said Garg in a assertion.

“We will continue to invest in building technology and provide chain abilities to help expansion of the production and infrastructure sector. Moglix will more and more aim on expansion driven by provide chain financing, acquisition of the ideal partners and world wide enlargement.”

The startup suggests it serves 500,000 small, medium-sized enterprises and enterprises.

It has established above 3,000 producing crops across India, Singapore, the U.K. and the UAE and counts production giants this kind of as Hero MotoCorp, Vedanta, Tata Metal, Unilever and Air India and NTPC among the its consumers.

The startup, which counts Sequoia Funds India among its backers, operates a offer chain network of 16,000 suppliers, over 40 warehouses and logistics infrastructure. With close to 700,000+ SKUs on its platform, the startup promises to be the largest e-commerce platform of industrial goods in India.

Information outlet DealStreetAsia very first described about the round, citing regulatory filing.

This tale was up-to-date to incorporate affirmation and additional facts from the startup.