Company: Mogli Labs (India) Private Limited / Moglix
Brand: Moglix
CIN: U72300HR2015FTC143298
Founded: 2015
Founder & CEO: Rahul Garg
Headquarters: Noida, India / Singapore global headquarters
Business: B2B E-commerce, Industrial Procurement, Supply Chain & FinTech
Status: Active & Unlisted
Major Investors: Tiger Global, Alpha Wave Global, Accel, IFC, Ward Ferry, Harvard Management Company and others
About the Company
Moglix is one of India’s leading B2B industrial commerce and supply-chain technology platforms, founded by Rahul Garg in 2015.
Unlike consumer e-commerce companies such as Amazon or Flipkart, Moglix focuses primarily on businesses, factories, infrastructure companies and industrial buyers.
Its platform helps companies digitise procurement and supply-chain activities, covering:
- Industrial tools
- Electrical equipment
- Safety products
- MRO supplies
- Fasteners
- Power tools
- Packaging
- Cleaning and facility supplies
- Medical supplies
- Infrastructure products
- Industrial consumables
Moglix has expanded from an online industrial marketplace into a broader end-to-end procurement and supply-chain platform, with financing through its Credlix business and technology/software capabilities.
The company says its platform currently covers 700,000+ industrial items, 19,000+ PIN codes, 1,000+ large manufacturers and 3,000+ factories.
Key Highlights
| Particular | Details |
|---|---|
| Founded | 2015 |
| Founder | Rahul Garg |
| FY25 India Revenue | ₹4,946.6 Cr |
| FY25 India PAT | -₹127 Cr |
| FY25 EBITDA | -₹68 Cr |
| FY25 Net Worth | ₹718 Cr |
| FY25 Borrowings | ₹222 Cr |
| Global/Singapore FY25 Operating Revenue | ~₹6,007 Cr / $681.5 Mn |
| FY25 Global Loss | ~$11.3 Mn / ₹99.6 Cr |
| Latest Major Valuation Benchmark | ~$2.6 Bn |
| Latest Major Round | Series F – $250 Mn |
| Total Funding | $480 Mn+ |
| Founder | Rahul Garg |
| Status | Unlisted |
| IPO Target | 2026–27 |
| DRHP | Not verified/filed |
| ISIN reference | INE1A1801012 |
The Indian entity’s FY25 financials show ₹4,946.6 crore of total revenue and a ₹127 crore net loss, while Singapore filings reported operating revenue of $681.5 million and a loss of $11.3 million for the broader business. These figures should not be mixed without understanding the respective reporting entities and consolidation perimeter.
Business Model
Moglix operates a full-stack B2B commerce model rather than simply functioning as an online catalogue.
1. B2B Industrial Marketplace
Moglix connects industrial buyers with suppliers across thousands of categories.
Its customers include:
- Manufacturing companies
- Infrastructure companies
- EPC companies
- Automotive companies
- Energy companies
- Chemicals companies
- Metals & mining companies
- Pharmaceutical companies
- Large enterprises
- MSMEs
This creates a significantly larger average transaction opportunity than conventional consumer e-commerce.
2. Enterprise Procurement
Large manufacturers can use Moglix to centralise procurement across factories and locations.
Instead of managing hundreds or thousands of individual suppliers, businesses can use a digital procurement layer.
This can improve:
Price discovery → Vendor management → Purchase orders → Inventory → Tracking → Payments
3. iCAT / Procurement Technology
Moglix has invested in procurement technology that integrates digital purchasing workflows with enterprise systems.
This creates a SaaS-like layer around its commerce business.
4. Supply-Chain Financing – Credlix
Credlix is Moglix’s supply-chain-financing business.
It provides financing solutions including:
- Purchase-order financing
- Invoice financing
- Import/export financing
- Working-capital solutions
Credlix has expanded beyond India into markets including the US, Mexico, Singapore and UAE. It acquired a majority stake in NBFC Vanik Finance in 2025 to expand its lending capabilities.
5. Manufacturing & Private Label
Moglix has also expanded into manufacturing and industrial products, rather than relying entirely on third-party suppliers.
This can potentially improve margins and strengthen supply-chain control.
End-to-End Supply Chain Model
The long-term Moglix proposition can be understood as:
Source → Procure → Finance → Store → Distribute
This is strategically important because Moglix is trying to capture value from multiple parts of the industrial supply chain rather than earning only an e-commerce marketplace margin.
Customer & Network Scale
Moglix reports:
- 700,000+ industrial products
- 19,000+ PIN codes
- 1,000+ large manufacturers
- 3,000+ factories
The company has also reported a network of thousands of suppliers and hundreds of thousands of MSMEs across India and international markets.
Why this matters
Industrial procurement is highly fragmented.
A manufacturing company may require:
- Bearings
- Motors
- Electrical equipment
- Safety equipment
- Tools
- Fasteners
- Packaging
- Maintenance supplies
on a recurring basis.
Once procurement workflows become integrated into a digital platform, customer switching can become more difficult.
This creates potential customer stickiness that is different from consumer e-commerce.
FY25 Financial Performance
Indian Entity
Mogli Labs (India) reported the following FY25 figures:
| ₹ Crore | FY24 | FY25 | Change |
|---|---|---|---|
| Total Revenue | ~₹4,232 Cr | ₹4,946.6 Cr | +16.9% |
| EBITDA | — | -₹68 Cr | — |
| Net Profit | — | -₹127 Cr | — |
| Net Worth | ~₹405 Cr | ₹718 Cr | +77% |
| Borrowings | ~₹204.7 Cr | ₹222.2 Cr | +8.6% |
| Assets | ~₹1,064 Cr | ₹1,468 Cr | +37.8% |
The Indian entity remained loss-making, but the balance sheet strengthened materially during FY25.
Global / Singapore Financials
Moglix’s broader Singapore reporting gives a somewhat different picture.
FY25:
- Operating revenue: $681.5 Mn
- Total revenue: $692.8 Mn
- Revenue growth: ~15%
- Loss: $11.3 Mn
- FY24 loss: $21.7 Mn
Therefore, the company’s loss nearly halved year-on-year.
Management achieved this through better margins and slower growth in operating expenses.
Financial Trend
Revenue
FY24 → ~$591 Mn
FY25 → ~$681.5 Mn
Loss
FY24 → ~$21.7 Mn
FY25 → ~$11.3 Mn
This is an encouraging trend.
The company is still not profitable, but the direction of profitability is improving.
Important Financial Observation
Moglix’s business is inherently low-margin/high-volume.
The company buys and sells physical industrial products, meaning a large proportion of revenue is consumed by product procurement and logistics.
FY25 global cost of sales was approximately $644 Mn, while total expenses were approximately $704 Mn.
Therefore, the key financial question is not simply:
How quickly can Moglix grow revenue?
It is:
Can Moglix increase gross margin and operating leverage while continuing to grow?
The answer to this question will largely determine its eventual IPO valuation.
Major Investors
Moglix has attracted a strong institutional investor base.
Major investors include:
- Tiger Global Management
- Alpha Wave Global
- Accel
- Sequoia / Peak XV
- International Finance Corporation (IFC)
- Ward Ferry
- Harvard Management Company
- Jungle Ventures
- Ratan Tata
- Other institutional and strategic investors
Moglix’s official history confirms Ratan Tata as an early investor, while its Series F was led by Tiger Global and Alpha Wave Global, with Ward Ferry joining the round.
Shareholding Pattern
The latest publicly available cap-table snapshot from Inc42, based on November 2024 filings, showed:
| Category / Investor | Approx. Holding |
|---|---|
| Tiger Global Management | 13.8% |
| Founders collectively | 11.8% |
| ESOP Pool | 6.2% |
| Other Investors | ~68.2% |
| Total | 100% |
Inc42 reported that investors collectively held approximately 81.8% of Moglix, highlighting the highly institutionalised nature of the company.
Another cap-table dataset gives different investor-level percentages because private-company ownership changes through subsequent rounds, secondary transactions and dilution. Dealroom’s latest model, for example, estimates Tiger Global at 15.4% and founder Rahul Garg at 12.1%.
Important
For a website report, I would describe the figures as:
“Latest publicly available cap-table estimates; exact current ownership may differ following subsequent transactions and dilution.”
rather than presenting them as an official listed-company shareholding pattern.
Funding History
Moglix has raised more than $480 million across its funding history.
Major Rounds
| Round | Amount | Key Investors |
|---|---|---|
| Seed | Undisclosed | Accel, Ratan Tata, others |
| Series A | ~$4 Mn | Accel, Jungle Ventures |
| Series B | ~$12 Mn | Accel, IFC, Jungle Ventures |
| Series C | ~$23 Mn | Accel, IFC |
| Series D | $60 Mn | Tiger Global, Sequoia/Peak XV |
| Series E | $120 Mn | Alpha Wave, Harvard Management |
| Series F | $250 Mn | Tiger Global, Alpha Wave, Ward Ferry |
| 2025 financing | ~$12.3 Mn | Additional/late-stage capital |
The January 2022 Series F was the major valuation-setting round, taking Moglix to unicorn status and valuing the company at approximately $2.6 billion.
Valuation
Last Major Institutional Valuation:
~$2.6 Billion
Moglix reached this valuation in its January 2022 Series F after raising $250 million from Tiger Global, Alpha Wave Global and Ward Ferry.
The company’s current website continues to describe Moglix as a $2.6 billion valuation company, and its CFO appointment announcement in 2025 also referenced a valuation of $2.6+ billion.
Important Valuation Warning
$2.6 billion should NOT automatically be treated as Moglix’s September 2026 fair value.
The valuation was established in 2022.
Since then:
- Revenue has grown substantially
- Losses have narrowed
- The business has expanded internationally
- Credlix has expanded
- Moglix acquired businesses
- The company has prepared for a possible IPO
But there has not been a new major publicly disclosed equity round establishing a comparable valuation.
Therefore, $2.6 billion is best described as:
Last major institutional valuation benchmark
—not a current market valuation.
Current Unlisted Share Price
This is another area where investors should be careful.
A current Planify page for Moglix shows ₹0.00, which clearly does not represent an executable market price and indicates that a reliable live quote is not currently available through that source. It does, however, reference ISIN INE1A1801012 and 7.52 crore shares.
Therefore:
I would not publish a “current Moglix share price” without a verified executable seller quote.
For UnlistedCart, the safer presentation is:
Current OTC price: Available on request / subject to seller quote
and separately show:
Last major institutional valuation: ~$2.6 billion
This avoids presenting an unreliable private-market reference as a real market price.
IPO Status
Moglix has publicly stated its intention to pursue an Indian public listing.
In February 2024, founder Rahul Garg said Moglix was targeting a public listing around 2026–27, with India being the preferred market.
In 2025, the company appointed Sanjeev Arora as CFO, with his background in IPO readiness and public-market preparation. The company said he would help strengthen its financial and capital-markets strategy.
Moglix has also been reported to be considering a redomiciliation/reverse-flip to India ahead of an IPO.
Current IPO Position
| IPO Parameter | Status |
|---|---|
| IPO Intention | Yes |
| Target | 2026–27 |
| India Listing | Preferred |
| DRHP | No verified filing found |
| SEBI Approval | No |
| Price Band | Not announced |
| Issue Size | Not officially announced |
| Listing Date | Not announced |
| Reverse Flip | Reported/preparatory |
Classification
Moglix should currently be classified as:
“IPO Candidate / IPO Preparation Stage”
rather than a confirmed pre-IPO.
Credlix – Important Growth Engine
Credlix could become one of Moglix’s most valuable strategic assets.
It addresses a major problem in B2B commerce:
Working-capital shortage among MSMEs and suppliers.
A supplier may have a large purchase order but still need money to manufacture and deliver the goods.
Credlix can provide financing against:
- Purchase orders
- Invoices
- Trade flows
- Import/export transactions
Credlix reported serving more than 5,000 MSMEs and disbursing around $500 million in credit historically. It subsequently expanded its financing ecosystem through the acquisition of Vanik Finance.
This creates an attractive flywheel:
More procurement → More transactions → More supplier data → Better underwriting → More financing → More procurement
Acquisitions
Moglix has expanded through acquisitions.
Major transactions include:
Vendaxo
Used machinery marketplace.
ADI Global Distribution India
Expanded industrial distribution capabilities.
Khatema Fibres
Moglix acquired Khatema through a resolution-plan process, giving it exposure to paper/packaging manufacturing.
Vanik Finance
Credlix acquired a majority stake in the NBFC to strengthen its financing capabilities.
The strategy is moving Moglix from:
Marketplace → Full-stack industrial ecosystem
Competitive Advantage
Moglix operates in a market that is significantly less crowded than consumer e-commerce.
Its competitive advantage is built around:
1. Industrial Catalogue
Hundreds of thousands of industrial SKUs.
2. Supplier Network
Large network of industrial suppliers and manufacturers.
3. Enterprise Relationships
Large companies and factories use the platform for recurring procurement.
4. Logistics Infrastructure
Warehouses and distribution capabilities create operational advantages.
5. Procurement Technology
Software connects procurement workflows with commerce.
6. Financing
Credlix allows Moglix to participate in the financial side of the transaction.
This combination is difficult to replicate quickly.
Investment Rationale
1. Large Addressable Market
India’s manufacturing, infrastructure and industrial procurement market is enormous and highly fragmented.
Digitising even a fraction of this market can create a very large business.
2. B2B E-Commerce Leadership
Moglix was one of India’s earliest large-scale B2B industrial commerce unicorns.
3. Strong Institutional Investors
Tiger Global, Alpha Wave, Accel, IFC, Harvard Management and Ward Ferry provide significant institutional credibility.
4. Revenue Growth
FY25 global operating revenue grew approximately 15%, reaching $681.5 million.
5. Loss Reduction
Losses fell approximately 48% year-on-year.
This is potentially the most important financial development.
6. Multiple Businesses
Moglix is no longer just an e-commerce marketplace.
It combines:
Commerce + Procurement SaaS + Logistics + Manufacturing + Financing
7. IPO Optionality
The company has publicly targeted an Indian listing in the 2026–27 period.
Major Risks
| Risk | Investor Concern |
|---|---|
| Still Loss-Making | FY25 remained in the red |
| Low Margins | Physical-product commerce carries thin margins |
| Working Capital | Inventory and receivables require capital |
| Competition | IndustryBuying, Infra.Market, OfBusiness and traditional distributors |
| Valuation | $2.6B benchmark is from 2022 |
| IPO Uncertainty | No verified DRHP yet |
| Credit Risk | Credlix expansion increases financial exposure |
| International Expansion | Adds execution complexity |
| Acquisition Risk | Multiple acquisitions require integration |
| Private-Market Liquidity | No exchange price discovery |
| Manufacturing Exposure | Industrial demand is cyclical |
Positives vs Concerns
| Positives | Concerns |
|---|---|
| B2B industrial market leader | Still loss-making |
| ₹6,000 Cr+ global operating revenue | Thin margins |
| FY25 revenue +15% | Heavy working-capital requirements |
| Loss nearly halved | Current valuation unclear |
| Strong institutional investors | $2.6B valuation is from 2022 |
| 700,000+ industrial products | No current reliable OTC price |
| 19,000+ PIN codes | IPO not yet filed |
| 1,000+ large manufacturers | Competition |
| Credlix financing ecosystem | Credit risk |
| IPO target 2026–27 | Reverse-flip/IPO execution risk |
Investment View
Moglix is one of the more interesting B2B technology + industrial commerce stories in India’s unlisted market.
The key difference compared with consumer e-commerce is that Moglix is attempting to digitise a highly fragmented but extremely large industrial procurement ecosystem.
The business has developed into:
B2B Commerce + Supply Chain + Procurement Software + Financing + Manufacturing
The FY25 financial direction is encouraging:
Revenue Growth → ~15%
Loss Reduction → ~48%
That indicates the company is moving toward operating leverage.
However, the company is still not profitable, and the last major valuation of $2.6 billion was established in January 2022.
Therefore, the investment decision depends heavily on the price at which an investor can acquire the shares.
Investment Scorecard
| Factor | View |
|---|---|
| Business Opportunity | ⭐⭐⭐⭐⭐ |
| B2B Market Potential | ⭐⭐⭐⭐⭐ |
| Revenue Growth | ⭐⭐⭐⭐ |
| Margin Improvement | ⭐⭐⭐⭐ |
| Institutional Backing | ⭐⭐⭐⭐⭐ |
| Competitive Moat | ⭐⭐⭐⭐½ |
| Profitability | ⭐⭐⭐ |
| IPO Visibility | ⭐⭐⭐⭐ |
| Valuation Comfort | ⭐⭐⭐* |
| Liquidity | ⭐⭐ |
| Overall Opportunity | High-Growth / IPO Candidate |
*Depends entirely on the actual private-market purchase price.
Final Takeaway
Moglix is building the digital infrastructure for India’s industrial procurement ecosystem.
Its evolution is particularly interesting:
Marketplace → Procurement Platform → Supply Chain → Financing → Manufacturing
The latest financial trend is encouraging:
~$681.5 Mn FY25 Operating Revenue
~15% Revenue Growth
~$11.3 Mn Loss
~48% Loss Reduction
The company also has strong institutional backing and a stated 2026–27 IPO ambition.
The biggest caution is valuation.
Moglix’s last major institutional valuation was ~$2.6 billion in 2022, and there is currently no reliable public OTC price that should be presented as the definitive September 2026 share price.
Overall View:
Strong B2B Business + Large Manufacturing Opportunity + Improving Losses + IPO Potential
but
Still Loss-Making + Valuation Uncertainty + Private-Market Liquidity Risk
Category: B2B E-Commerce / Industrial Technology / Supply Chain / IPO Candidate
Share Details
| Particular | Details |
|---|---|
| Company | Mogli Labs (India) Private Limited |
| Brand | Moglix |
| CIN | U72300HR2015FTC143298 |
| Founded | 2015 |
| Founder | Rahul Garg |
| Status | Active & Unlisted |
| ISIN Reference | INE1A1801012 |
| Face Value | ₹10 |
| FY25 India Revenue | ₹4,946.6 Cr |
| FY25 India PAT | -₹127 Cr |
| FY25 Global Operating Revenue | ~$681.5 Mn |
| FY25 Global Loss | ~$11.3 Mn |
| Last Major Valuation | ~$2.6 Bn |
| Total Funding | $480 Mn+ |
| IPO Target | 2026–27 |
| DRHP | Not verified/filed |
| Current OTC Price | No reliable executable quote verified |
How to Invest
Moglix shares are not traded on NSE/BSE.
Unlisted shares may be acquired through private transactions with existing shareholders or specialised intermediaries.
Before investing, verify:
- Exact legal entity
- ISIN
- Share class
- Seller ownership
- Number of shares
- Demat status
- Actual executable price
- Latest cap table
- Any ESOP/dilution
- IPO-related lock-in
- Tax implications
- Corporate actions
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell securities. Moglix is an unlisted private company and private-market prices can differ materially between sellers and intermediaries. The ~$2.6 billion valuation cited in this report is a historical institutional valuation benchmark from 2022, not a guaranteed current fair value. Unlisted investments involve liquidity, valuation, regulatory, business, credit and capital-loss risks. Investors should conduct independent due diligence and consult a SEBI-registered investment professional before investing.
For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/
