Ratan Tata-Backed Startup Joins Unicorn Club After Raising $120 Million Funds

Mogix, backed by business tycoon Ratan Tata, was the latest entrant to the much coveted unicorn club. The business-to-business (B2B) commerce platform raised $120 million in a new financing round led by Falcon Edge and Harvard Management Company. Moglix’s existing investors including Tiger Global, Sequoia Capital India and Venture Highway also participated in this round of funding, the company said.

Mogix was the first industrial B2B commerce platform in the manufacturing space in India to become a unicorn, the company announced.

Founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, the startup provides manufacturers with industrial goods through its e-commerce platform. The company is building an operating system for manufacturing that provides its customers with a full-stack service covering procurement, packaging, supply-chain financing and highly integrated software, it said.

“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India,” said Rahul Garg, founder and chief executive officer, Moglix. Ratan Tata, the chairman emeritus of Tata Sons, invested an undisclosed amount in Mogix in 2016.

The B2B commerce platform claimed to provide solutions to more than 500,000 small and medium enterprises and 3,000 manufacturing plants across India, Singapore, the UK and UAE. The company said it works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and state-run companies such as Air India and NTPC to help them procure manufacturing material through the Moglix platform.

“Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale and we are thrilled to back the company in the next phase of its growth,” said Navroz D Udwadia, co-founder of Falcon Edge Capital.

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