●What is the news ?
•Moglix, a B2B e- commerce platform for manufacturing goods has raised $120 million as a part of its latest series E funding round, led by Falcon Edge Capital and Harvard Management Company (HMC), taking the overall valuation of the company to $1 billion.
• Investors such as Tiger Global, Sequoia Capital India and Venture Highway participated as part of this round.
•With the current equity infusion, the total funds raised till date by Moglix stands at $220 million.
●Things to know more
•The startup provides manufacturers with industrial goods through its e-commerce platform, and 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.
•At present, Moglix provides solutions to more than 500,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
•The company also works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and public service undertakings such as Air India and NTPC to help them procure indirect material through the Moglix platform.
•The company had last raised close to $60 million, as a part of its Series D fundraise.