Tiger Global, Sequoia lead $60m funding in industrial B2B startup Moglix

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New York investment firm Tiger Global, which is on an investment spree in India, has made yet another bet by investing in a $60-million funding round of MogliLabs, which owns and operates B2B industrial goods marketplace Moglix.

The round, which has valued Moglix at about $200 -300 million, has been co-led by Sequoia Capital, The Economic Times reported. Hong Kong-based Composite Capital has also come on board as a new investor.

The startup intends to use the funding proceeds to ramp up infrastructure, warehousing, and logistics. It is currently present in 14 cities including Delhi NCR, Kolkata, Chennai, Pune, Ahmedabad, and Mumbai, and is eyeing presence in 22-25 industrial hubs going forward.

In March, Moglix had raised financing from Flipkart CEO Kalyan Krishnamurthy, who invested in his personal capacity. The round followed the startup’s $23-million Series C funding round raised in December led by existing investors Accel Partners, Jungle Ventures, and International Finance Corporation (IFC). The startup also counts WhatsApp senior executive Neeraj Arora, and Ratan Tata among its investors.

With the latest funding, Moglix’ total funding stands at over $100 million till date.

Meanwhile, Tiger Global is ramping up its investments in India.

In the first half of 2019, Tiger has already funded 13 Indian companies, compared with 8 investments in 2018 and 6 the year before, said a Bloomberg report quoting research firm Tracxn Technologies Pvt.

Tiger’s last bet was on Bengaluru-based neo-banking startup Open, in which it led a $30-million Series B funding round last month. The startup also counts Tanglin Venture Partners, 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate among its list of backers.

Last month, it also led a $15.5-million Series A round for Bengaluru-based digital credit ledger startup OkCredit. DealStreetAsia recently reported that Tiger Global is injecting about $5 million (Rs 34.67 crore) as part of a Series D funding round for online video platform The Viral Fever (TVF).

Its other investments include enterprise cloud platform Zenoti, logistics-management startup Locus, agri-tech startup NinjaCart, and home rental startup NestAway Technologies.