Moglix latest to enter unicorn club as start-ups raise $500 million in a day

NEW DELHI: Three start-ups, Pinelabs, Moglix, and Lenskart, announced on Monday that they have raised a cumulative $500 million in capital with VCs bullish on Indian tech platforms even as the second wave of the pandemic makes the economic situation uncertain. The day also saw B2B industrial commerce platform Moglix announce become the latest entrant to India’s booming unicorn club—of companies with a valuation of over $1 billion. Moglix stated that it has raised $120 million at a $1 billion valuation in a Series E round.

The fundraise is also indicative that investors are betting big on the role that next-gen technologies in traditional sectors like manufacturing and finance will play.Navroz Udwadia, Co-founder of Falcon Edge Capital, which led the $120 million funding round into Moglix, said that the company’s first mover advantage,  full-stack solution for under-serviced customers, and ability to drive robust unit economics has driven investments. “Moglix’s distinctive customer value proposition and ROI are visible in its outstanding customer and revenue retention numbers. We believe Moglix is now well poised to scale,” he said in a statement.