With e-commerce gaining traction like never before, it was only a matter of time before the B2B segment clocked growth. Today, the B2B e-commerce market in India is one of the fastest-growing ones in the world and is expected to reach over $1 trillion by 2024. This has been beneficial for B2B e-commerce startups such as Moglix, which is now valued at $2.6 billion.

This rise in valuation came after it raised $250 million in its Series F funding round. The round was led by Alpha Wave Global and Tiger Global, while Hong Kong-based Ward Ferry came on board as a new investor. Including this round, the seven-year-old Moglix has raised $470 million in funding to date.

According to Moglix, investors who invested in it during the seed stage witnessed a return of 80 times on their investment in it. Going forward, it will continue to make investments in building technology and supply chain capabilities to enable the growth of the manufacturing and infrastructure sector. It will be focusing on growth driven by the financing of the supply chain, acquiring partners, and global expansion.

The unicorn is known to specialize in procuring industrial products and works with manufacturing and infrastructure companies to transform their end-to-end supply chain from procurement to distribution. It does so by providing digital procurement and supply chain solutions across industries and making it tax compliant.

Founded by IIT Kanpur alumnus Rahul Garg, Moglix claims to be one of the largest and fastest-growing B2B e-commerce startups in the country and was Tiger Global’s first investment in the B2B market. Moglix’s supply chain network comprises over 16,000 suppliers, more than 40 warehouses, and logistics infrastructure.

Its warehouse and logistics network span not only India but also Europe, South-East Asia, the UK, and the UAE. It provides solutions to over 500,000 SMEs and over 1000 large manufacturers across India and the UAE.