Noida-based Moglix, a business-to-business (B2B) industrial goods marketplace, has raised $60 million (about ₹412 crore) in its latest equity financing round led by Tiger Global Management and Sequoia Capital, The Economic Times reported.
Hong Kong-based Composite Capital also came on board as a new investor, marking its second investment in India after investing in ClearTax in last October.
Post this funding, Moglix now values the company at about $200 -300 million, said the report. The startup has raised about $100 million in funding across rounds.
Recently backed by Flipkart chief executive officer (CEO) Kalyan Krishnamurthy in March, Moglix will will primarily use the funds raised in ramping up its infrastructure. Moglix is currently present in 14 locations, and plans to be in 22-25 industrial hubs.
Moglix also counts Accel Partners India and US, International Finance Corp, the investment arm of the World Bank, former WhatsApp senior executive Neeraj Arora, and Ratan Tata among its list of investors.
Indian e-commerce market is expected to reach $120 billion by 2020, growing at an annual rate of 50% and globally, the B2B e-commerce almost doubling in size vis-à-vis the B2C e-commerce market and India is no exception to this.
To recall, in March this year an another B2B e-commerce marketplace Zetwerk had raised $9 million (~₹64 crore) in a Series A round of funding from Accel Partners