Industrial good marketplace Moglix's early backers sell stake worth $15-M in secondary deal

The USD 120 million round for Unicorn industrial goods marketplace startup Moglix - that was led by Falcon Edge Capital and Harvard Management Company - had also witnessed a secondary component where three early backers - Accel, International Finance Corporation (IFC) and Tanglin Venture Partners - have offloaded a part of their holdings for USD 15 million. Tanglin offloaded 8,314 shares worth USD 10 million to Alpha Wave Incubation (AWI). IFC sold 3,325 shares valued at USD 4 million to Sequoia Capital India. AWI also picked up 831 shares worth USD 1 million from Accel. Following the secondary deal, Accel emerged as the biggest stakeholder with 16.87% whereas Moglix's founder Rahul Garg holds 14%. Tiger Global owns 12.50% while Jungle Ventures and AWI hold 9.15% and 9.03% respectively. Venture Highway holds 7.80% and Sequoia 7.43%. In October 2019, Rahul Garg had divested part of his holding stake worth USD 227,000 to Tanglin and Venture Highway.