Moglix, an industrial business-to-business marketplace in India, said on Monday it has raised $120 million in a new financing round at $1 billion valuation, becoming the 12th firm from the world’s second largest market to attain the unicorn status this year.
The startup’s Series E financing round was led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors, Tiger Global, Sequoia Capital India and Venture Highway. TechCrunch reported earlier this year that Tiger Global was in talks to invest in Moglix at $1 billion valuation.
“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. Today, as we enter the next stage of our evolution, we feel this financing milestone is a testimony to our journey of innovation and disruption,” said Rahul Garg, founder and chief executive of Moglix, in a statement.
This is a developing story. More to follow…