India’s Moglix valued at $2.6 billion in $250 million funding

Moglix has more than doubled its valuation to about $2.6 billion from $1 billion just eight months ago as the Indian industrial business-to-business marketplace aggressively scales its offerings in many parts of the world.

Alpha Wave Global (formerly called Falcon Edge Capital), which led the seven-year-old startup’s previous funding, has returned alongside Tiger Global to co-lead a $250 million Series F financing round, the startup said.

Hong Kong-based Ward Ferry also participated in the round, bringing its all-time raise to about $470 million. As part of the new financing round, Moglix has given an 80x exit to some of its early seed-stage investors, it said Friday.

Founded by IIT Kanpur and ISB alumnus Rahul Garg, Moglix operates a B2B marketplace and procurement platform for manufacturing goods that could be anything from a centrifugal pump to a fan to routers and pulse oximeters.

“We are happy to have the continued support and faith of our investors, customers, suppliers and team. We are excited to welcome Ward Ferry onboard. We are focused on our mission to enable creation of a $1 trillion manufacturing ecosystem in India,” said Garg in a statement.

“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.”

The startup says it serves 500,000 small, medium-sized businesses and enterprises.

It has established over 3,000 manufacturing plants across India, Singapore, the U.K. and the UAE and counts manufacturing giants such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and Air India and NTPC among its customers.

The startup, which counts Sequoia Capital India among its backers, runs a supply chain network of 16,000 suppliers, over 40 warehouses and logistics infrastructure. With close to 700,000+ SKUs on its platform, the startup claims to be the largest e-commerce platform of industrial goods in India.

News outlet DealStreetAsia first reported about the round, citing regulatory filing.

This story was updated to add confirmation and additional details from the startup.