Moglix valuation doubles to $2.6 billion in less than a year

Rahul Garg, Founder and CEO, Moglix.

Industrial goods marketplace Moglix said January 28 that it has raised $250 million, valuing it at $2.6 billion, more than double its valuation from May last year, as B2B marketplaces have grown faster than ever before.

Moglix raised the Series F round led by existing investor Tiger Global and Alpha Wave (Falcon Edge) with new investor Ward Ferry joining the round.

Moglix also said its seed investors (whom it did not name) made a return of 80 times their investment selling shares in this round.

Founded by Rahul Garg, a former Google executive, in 2015, Moglix sells a wide range of industrial tools, 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. Its peers OfBusiness and Infra.market have also seen their valuations balloon in the last 12 months. OfBusiness' valuation jumped from $400 million to $5 billion, while Infra.market is currently raising funds at a $4.5 billion, Moneycontrol reported in November.

"We are focused on our mission to enable creation of a $1 trillion manufacturing ecosystem in India. We will continue to invest in building technology and supply chain capabilities to enable growth of the manufacturing and infrastructure sector. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion," Garg said.