Business-focused mechanical products marketplace Moglix had turned unicorn with a $120 million financing round led by Falcon Edge Capital and Harvard Management Company in May. While the organization just disclosed essential mixture, there is a secondary component in the round where three of its early backers have offloaded a piece of their property.

Accel, IFC and Tanglin’s incomplete exit

Accel, IFC and Tanglin Venture Partners have pocketed $15 million, regulatory filings filed by Moglix in Singapore show. Tanglin is the largest beneficiary in the secondary deal by offloading 8,314 shares worth $10 million to Alpha Wave Incubation (AWI).

International Finance Corporation (IFC) additionally sold 3,325 shares which are valued at $4 million to Sequoia Capital. AWI likewise picked up 831 shares worth $1 million from Accel.

As indicated by Fintrackr’s estimate, Moglix has been valued at $820-850 million (post-money) in this exchange. This essentially means that this secondary exchange has been executed at standard with the essential one.

While Moglix had claimed over $1 billion valuation in May, Fintrackr’s estimate showed that it was valued in the range of $820-850 million.

Moglix’s ownership structure

Following the secondary deal, Accel emerged as the biggest stakeholder with 16.87% whereas Moglix’s founder Rahul Garg commands 14%. Tiger Global claims 12.50% while Jungle Ventures and AWI hold 9.15% and 9.03% respectively.

Venture Highway (7.80%) and Sequoia (7.43%) together own 15.23%. See the pie graph below for the full picture.

This is the second secondary exchange at Moglix in the previous two years. In October 2019, Garg had divested some portion of his holding stake worth $227,000 to Tanglin and Venture Highway.

Queries sent to Moglix didn’t elicit any immediate response. We will update the story in case they respond

Footing and competition

Moglix caters to both large and SME players in the manufacturing business and cases to have more than 150,000 clients notwithstanding over 250 enterprises and companies. Besides India, Moglix has presence in overseas markets including Singapore, the UK and UAE.

To fortify its Indian operations, the organization recently acquired Vendaxo.

As per the organization, it has 3,000 manufacturing partners across India, Singapore, the UK and the UAE. It competes with Industry Buying and a few others in the space now.