Moglix in talks to raise $100-150 mn


MUMBAI : Moglix, a business-to-business (B2B) e-commerce platform, is in talks to raise $100-150 million from new and existing investors, said three people with knowledge of the development. The company is expected to fetch a 20% premium on its last valuation of $2.6 billion, these people said.

 “The company is doing well with the global expansion underway and company working towards stronger unit economics; the investors are betting big on it,” said one of the persons cited above. “The premium it is commanding over its last valuation is healthy and rare in this market,” the person added.

Kimera, a Dubai-based family office, is in talks to lead the new funding round which will also see participation from existing investors. There are other cross-border investors too that the company is in talks with. “The funding is a quarter away,” the second person said, adding that Moglix is receiving inbound interest and the final valuation is yet to be made.

In an emailed response to queries, a Moglix spokesperson said, “We have not initiated any fundraise. If there is any news, we will let you know.”

Kimera could not be reached officially for comments.

Earlier this year, Tiger Global-backed Moglix raised $250 million as part of its Series F round that valued the startup at $2.6 billion. It counts Alpha Wave Global (formerly Falcon Edge), Jungle Ventures, Accel, Ward Ferry and IFC as its other investors. The company has so far raised up to $470 million in equity funding.

 Run and operated by Mogli Labs Pvt. Ltd, Moglix works with manufacturing and infrastructure companies to help streamline their end-to-end supply chains, from procurement to distribution. It entered the unicorn club in 2021 when it raised $120 million from investors led by Alpha Wave. Founded in 2015 by Rahul Garg, Moglix offers services across procurement, packaging, supply chain financing and integrated software. It caters to more than 500,000 small- and medium-sized enterprises (SMEs) and over 1,000 large companies across India and the UAE.

Moglix has a network of more than 16,000 suppliers, over 40 warehouses and related logistics infrastructure. Last month, the company said it has acquired ADI Global Distribution’s India distribution business to bolster portfolio across video surveillance, access control and fire control products in an all-cash deal. In a recent interview, Garg said the company has set aside $100 million for its inorganic growth plans with plans to acquire up to three companies in the next 12 months.

For the financial year ended March 2021, the company posted operating revenue of 776.6 crore, more than double from the previous year. The startup incurred a loss of 81 crore in FY21, marginally up from 78.09 crore in FY20.

Established in January 2017, Kimera has a global multi-asset investment mandate, investing across public equity, private equity, venture capital, fixed income and real estate. It has so far invested in a handful of startups in India including Bengaluru-based edtech startup iNurture Education Solutions.

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