Exclusive: Moglix Parent Infuses $12 Mn In Indian Arm

Exclusive: Moglix Raises $12 Mn Via Preferential Shares

SUMMARY

Moglix has bagged INR 107.58 Cr (around $12.3 Mn) from its Singapore parent in multiple tranches since December last year

This comes at a time when Moglix is considering shifting its domicile back to India with plans to go public by 2027

Founded in 2015, Moglix sells a wide range of industrial tools and equipment, catering to industries like automotive, cement, chemicals, consumer durables, and FMCG among others

Tiger Global-backed B2B ecommerce unicorn Moglix has bagged INR 107.58 Cr (around $12.3 Mn) from its Singapore parent since December last year.

In October last year, the startup received the shareholders’ nod to issue up to 1,16,856 compulsorily convertible cumulative preference shares (CCCPS) having a face value of INR 10 each at a premium of INR 9,198 to its promoter Mogli Labs Private Limited on a rights basis, according to filings sourced from Registrar of Companies.

Following this, the Indian arm received the aforementioned amount in four tranches.

The startup did not disclose what it plans to do with the fresh capital. Queries sent to Moglix and its founder Rahul Garg did not elicit any response till the time of publishing this story.

Founded by Garg in 2015, Moglix sells a wide range of industrial tools and equipment, serving industries such as automotive, cement, chemicals, consumer durables, FMCG, metals, mining, oil & gas and pharmaceuticals.

In the B2B ecommerce market, it locks horns with the likes of IndiaMART and ShakeDeal.

The Delhi NCR-based company entered the unicorn club in 2021 after raising $120 Mn in its Series E funding round led by Falcon Edge Capital and Harvard Management Company.

Amid the ongoing quick commerce frenzy, the B2B marketplace unicorn launched next-day delivery of industrial goods last August.

With an eye on expanding its international presence, particularly in the US and Mexico, Moglix invested $50 Mn in its supply chain financing arm Credlix in September last year.

In November 2024, it bought paper products maker Khatema Fibres for INR 80 Cr. The acquisition was aimed at boosting its sustainable package portfolio and strengthening its position in the industrial procurement segment.

The company widened its consolidated net loss by 12% to INR 196 Cr in the fiscal year 2023-24 (FY23) from INR 175.3 Cr in the previous fiscal year. Its operating revenue zoomed 83% to INR 4,664.7 Cr during the year from INR 2,554.6 Cr in FY22.

The fresh capital infusion in Moglix comes at a time when the startup is considering shifting its base back to India from Singapore ahead of its potential initial public offering (IPO). Garg reportedly said last February that Moglix plans to list on Indian stock exchanges by 2027.

A number of new-age tech companies domiciled abroad are queuing up to return home as they look to capitalise on the boom in India’s economy, access to a bigger pool of investors, better IPO prospects and favourable government policies.

Last year, 13 new-age tech companies, including the likes of Swiggy, BlackBuck, MobiKwik, Ola Electric and FirstCry, made their Dalal Street debuts, raising a record INR 29,000 Cr+ via their IPOs.

This IPO wave is expected to continue in 2025, with more than 20 homegrown startups eyeing a public listing, including omnichannel jewellery brand BlueStone, EV maker Ather Energy, edtech company Physics Wallah, Bhavish Aggarwal-led Ola Consumer, among others.

Amid this IPO boom, new-age tech companies such as Flipkart, Razorpay, Pine Labs, Freo, Udaan, among others, are eyeing a ‘desh wapsi’ in 2025 ahead of their impending public listings.

Last month, Aadit Palicha-led quick commerce unicorn Zepto moved its domicile back to India from Singapore ahead of its mega $1 Bn IPO. Meanwhile, fintech giant PhonePe also rolled out the IPO carpet earlier this month.