Tiger, Sequoia lead $60m round for India's Moglix
Tiger Global Management and Sequoia Capital have led a $60 million funding round for India-based business-to-business (B2B) industrial goods marketplace Moglix.
Hong Kong-based Composite Capital also participated in the funding round, according to a statement. Moglix represents Composite's second investment in India, following a $50 million funding round last year for online financial services provider ClearTax.
Founded in 2015 by Rahul Garg, formerly head of Southeast Asia at Google's online advertising marketplace AdX, Moglix offers a wide range of industrial equipment including lighting, cleaning and housekeeping, power tools, and office supplies. The company has 14 hubs across the country and claims to have over 500,000 clients, including large manufacturers and small and medium-sized enterprises.
Accel Partners and Jungle Ventures have been significant backers of Moglix: AVCJ Research records participation from both firms in all of the company's funding rounds to date, most recently a $23 million commitment in December 2018 in which InnoVen Capital and the International Finance Corporation also took part. Additional investors include Kalyan Krishnamurthy, a former managing director at Tiger and currently CEO of Indian e-commerce giant Flipkart, who invested earlier this year in his personal capacity.
Moglix plans to use the new funding to ramp up its physical infrastructure; it plans to have up to 25 distribution centers by May of 2020, growing from 75,000 square feet of warehouse space to 250,000 sqft. It will also invest in its technology and analytics software to improve its service offering for clients.
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