Moglix hauls in Harvard for $120m series E

Moglix, the Singapore-based operator of an e-commerce platform for industrial supplies, has been valued at $1bn through a $120m series E round backed by Harvard Management Company, the endowment of Harvard University, TechCrunch has reported.
Hedge fund manager Falcon Edge Capital led the round which also featured fellow fund manager Tiger Global Management as well as venture capital firms Sequoia Capital India and Venture Highway.
Founded in 2015, Moglix markets industrial supplies through an online business-to-business platform. Its offering includes stationery, cleaning products, safety equipment and power tools.
The series E round has increased the company’s total funding to approximately $220m.
Tiger Global, Composite Capital and Sequoia Capital India co-led Moglix’s $60m series D round in July 2019. The company also secured an investment of undisclosed size from Kalyan Krishnamurthy, CEO of e-commerce marketplace operator Flipkart, in March of that year.
Moglix raised $23m in a series C round co-led by Accel Partners, Jungle Ventures and the International Finance Corporation (IFC) in 2018, while venture debt fund Innoven Capital, Venture Highway and private investor Shailesh Rao also took part.
The company collected $12m in a series B round led by IFC and backed by Rocketship, Accel Partners, Venture Highway and Shailesh Rao in 2017.
Accel Partners led a $4.2m series A round for Moglix in 2016, which also included Jungle Ventures and SeedPlus. The business had received an undisclosed amount of pre-series A capital from Accel Partners and Jungle Ventures the year before.