India’s B2B Moglix sets up its base in UAE post the funding round raising around $120mln

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Image Credit: - Image by Rostichep from Pixabay

Moglix, India’s business-to-business (B2B) commerce platform concentrating for the industrial supplies, has set up their base within the UAE market as a part of their globalized progression post it accumulated around $120 Million within the fresh financing round that is worth $1Billion.

The Moglix’s Founder as well as Chief Executive Rahul Garg stated out that, “We are excited to enter the UAE. UAE is a gateway to the GCC and a major hub of global commerce and innovation with a vision to transform into a digital economy.”

Moglix tossed its B2B e-commerce platform, moglix.ae, which will deliver a digital catalogue of 500,000 industrial merchandize across more than 50 categories, the firm also stated.

The firm has founded up a base for their operatives in the Khalifa Port Free Trade Zone (Kizad) in Abu Dhabi and tactics to develop operations across the Middle East, it stated in a statement on Wednesday.

The Series E funding round was powered in by Falcon Edge Capital and Harvard Management Co., with contribution from prevailing investors Tiger Global, Sequoia Capital India and Venture Highway.

The six-year-old start-up offered out their manufacturers with industrial goods via its E-commerce platform and is encouraging to create conducive operating climate for a fully functioning system for industrial purpose that offers their clients with a full-stack service covering procurement, packaging, supply-chain financing and highly integrated software.

The firm at present has a supply chain network of in excess of 16,000 suppliers across 35 warehouses and enlists in excess of around 5,00,000 stock-keeping units on its online marketplace.

The Co-Founder of Falcon Edge Capital, Navroz D. Udwadia, stated out that, “We have studied and tracked Moglix for years, driven by our global experience in investing in online MRO (maintenance, repair and operations) platforms. We are strong believers in Rahul, his first-mover advantage, his full-stack solution for under-serviced customers and his ability to drive robust unit economics. Moglix’s distinctive customer value proposition and RoI are visible in its outstanding customer and revenue retention numbers.”

Moglix counts Accel Partners, Jungle Ventures and Venture Highway as its earliest investors and has raised funds from the likes of International Finance Corp., Composite Capital through subsequent funding rounds. It is also assisted by Ratan Tata, chairman emeritus of Tata Sons; Kalyan Krishnamurthy, CEO of Flipkart; and former Google executive, Shailesh Rao.

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