Moglix’s gross scale spikes 83% to Rs 4,500 Cr in FY23; losses down


B2B ecommerce platform Moglix raised $250 million around the start of FY23 and the large funding helped the firm to continue its growth chart. Besides growing at a rapid clip, it also reduced losses in the last fiscal.

Moglix’s gross revenue (aka Gross Merchandise Value) spiked 82.6% to Rs 4,595 crore in FY23 from Rs 2,517 crore in FY22, according to its annual financial report filed by the holding company in Singapore.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

Moglix provides B2B procurement of industrial supplies such as MRO, safety, electricals, lighting, cleaning & housekeeping, office stationery, power tools, and other industry essentials. 

Income from the sale of industrial supplies was a major source of income for Moglix while commission on online sales, income from technology, and support services also contribute to the company’s topline.

Moglix’s 98.26% of the revenue comes from India while United Arab Emirates (UAE) and Singapore contributed  1.42% and 0.32% respectively in FY23. It’s worth noting that Moglix is one of the handful of Indian e-commerce companies to dominate in the Emirates market.

Check TheKredible to see the detailed revenue breakup. 

With a cash-and-carry business model, the procurement of supplies emerged as the largest cost center for the company, accounting for 90.26% of the overall cost. In the line of scale, this cost grew 84% to Rs 4,323 crore in FY23 from Rs 2,350 crore in FY22.

Its selling and advertising costs, employee benefits, administrative costs, and other operating expenses pushed up its total expenditure by 78% to Rs 4,789 crore in FY23 from Rs 2,689 crore in FY22.

Expense Breakdown

Total ₹ 2689 Cr
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Total ₹ 4789 Cr
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  • Procurement of goods
  • Selling and advertising
  • Employee benefit
  • Others

Austerity measures made by the company helped the Alpha Wave Global-backed Moglix to reduce losses by 11.87% to Rs 193 crore in the previous fiscal. Its ROCE and EBITDA margin stood at -6.1% and -2.8%. 


FY22 FY23
EBITDA Margin -5.28% -2.80%
Expense/₹ of Op Revenue ₹1.07 ₹1.04
Roce -5.8% -6.10%

On a unit level, it spent Rs 1.04 to earn a rupee of operating revenue in FY23.

Moglix has secured a total of $440 million across different rounds. According to the data intelligence platform, TheKredible Tiger Global is the largest external stakeholder in the startup with 14.75% share followed by  Accel and Alpha Wave with 14.26% and 13.35% holding, respectively. Its co-founder and CEO Rahul Garg commands a 12.67% stake.

The B2B ecommerce market in India which platforms seek to aggregate offers a large opportunity, but higher than usual costs due to the large unorganized parts of the market. These are players who are not necessarily ready, or even keen to be part of the supply chains that platforms like Moglix seek to build. While it’s not all bad, with a firm like Moglix solving the very same problem for the eventual buyer too, it does mean higher costs on acquiring, vetting  and keeping such suppliers on the platform. 

While we do not have a segment wise breakdown, Moglix will no doubt be doubling down on the more profitable segments, and evaluating the best way to tackle essential but loss making segments versus loss-making and perhaps, inessential segments. A turn to black in FY24 will be the very least when it comes to expectations from the unicorn.

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