B2B industrial goods marketplace Moglix has bought back shares worth $10 million from its founder and CEO Rahul Garg. The development comes four months after the company's Series F round in which it had scooped up USD 250 million at a valuation of USD 2.6 billion. Moglix will buy back 2,235 ordinary class shares from Garg for a consideration of USD 10 million and cancel them.
Moglix works with manufacturing and infrastructure companies to smoothen their supply chain right from procurement to distribution. Besides India, Moglix has presence in overseas markets including Singapore, the UK and UAE.
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