UAE - Mubasher: Moglix, an India-based B2B commerce platform, has entered the UAE as part of its global growth plans after raising its Series E round of funding.
The funding round is led by Falcon Edge Capital through Abu Dhabi-based Alpha Wave Ventures, making it the first B2B commerce unicorn in the manufacturing sector, with total funding of $220 million and a valuation of $1 billion, according to a press release on Wednesday.
Through its digital platform, Moglix enables enterprises across the manufacturing, oil, gas, and infrastructure sectors to transform their end-to-end supply chain from procurement to distribution.
The platform has established its operations in the Khalifa Port Free Trade Zone (KIZAD) in Abu Dhabi’s industrial area.
Moglix’s Founder and CEO, Rahul Garg, said: "UAE is a gateway to the GCC and a major hub of global commerce and innovation with a vision to transform into a Digital economy. The UAE government’s mission and investment in digital upskilling is unmatched and we are looking to collaborate with local talent to jointly drive digital transformation."
Meanwhile, the Co-Founder of Falcon Edge Capital, an investor in Moglix, Navroz D. Udwadia, commented: "Our field work indicated significant procurement and efficiency benefits to buyers as well as scale and reach benefits to suppliers. Moglix will bring the same engine of innovation and excellence to the manufacturing ecosystem in the Middle East, creating growth opportunities for suppliers and manufacturers."
