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Moglix in Talks to Raise $1 Billion Lead By Falcon Edge

Industrial goods marketplace Moglix is in talks to raise $70-100 million in a round of funding which will triple its valuation to a billion dollars- making it India’s latest unicorn. London-based hedge fund Falcon Edge Capital, an investor in multiple Indian unicorns such as Dailyhunt, Dream11, and Ola is in talks to lead the round, by investing about $40-50 million, while existing backers including Accel, Sequoia Capital, Tiger Global Management will contribute the rest, said the people who requested anonymity.

Moglix was valued at about $250-300 million in its last round in July 2019, when it raised $60 million led by Tiger- at a time when Tiger had gone on a B2B and software dealmaking spree. Founded by former Google executive Rahul Garg in 2015, Moglix sells a wide range of industrial tools on its platform including hammers, drills, wrenches, office stationery and supplies, hospital supplies, and automotive supplies. Moglix has been among the many startups tackling the business-to-business e-commerce space in India, seen as a huge market ripe for disruption after the likes of Flipkart grew in the consumer-facing e-commerce domain. Some of the B2B e-commerce firms in India include Udaan, Infra.Market, Jumbotail, Ninjacart, and ShopX.

For FY19, the latest period for which its financials are publicly available, Moglix’s revenue more than tripled to Rs 217 crore from 62.4 crores, while its losses grew marginally from Rs 28.06 crore to 48.08 crores. Currently, it has an annual revenue run rate of $120 million, or about $10 million in monthly revenue, said a person.

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