Moglix, an e-commerce platform, joins the unicorn club.

Moglix, a business-to-business (B2B) web-based business stage for assembling products, on Monday said it has raised $120 million from financial backers at a valuation of $1 billion.

Moglix, an e-commerce platform, joins the unicorn club.

The Series E subsidizing round was driven by Falcon Edge Capital and Harvard Management Co., with cooperation from existing financial backers Tiger Global, Sequoia Capital India and Venture Highway. 

The organization was esteemed at near $300 million when it last brought $60 million up in July 2019. With the current value implantation, the absolute assets raised by Moglix has reached $220 million. 

The six-year-old startup furnishes producers with modern products through its online business stage and is building a working framework for assembling that gives its clients a full-stack administration covering acquisition, bundling, inventory network financing and exceptionally incorporated programming. 

"We began six years prior with firm confidence in the undiscovered capability of the Indian assembling area. We are happy that Falcon Edge Capital and Harvard Management Co. have cooperated with us in this excursion. Bird of prey Edge, with its profound roots in the Middle East and Europe and comprehension of public organizations, will manage us through the following period of our excursion," said Rahul Garg, originator and CEO of Moglix. 

Moglix professes to give answers for more than 500,000 little and medium undertakings and 3,000 assembling plants across India, Singapore, the UK and UAE. 

The organization additionally works with Hero MotoCorp, Vedanta, Tata Steel, Unilever and state-run organizations, for example, Air India and NTPC to assist them with securing producing material through the Moglix stage. 

The organization right now has a store network organization of more than 16,000 providers across 35 distribution centres and records over 500,000 stock-keeping units on its online commercial centre.