Moglix Has Desh Wapsi On The Cards As It Eyes 2027 Public Listing

B2B ecommerce platform Moglix is reportedly planning to relocate its base to India. The potential move to relocate the domicile to India comes on the back of its plans to make a public market debut in the next two years.

“I think we will continue to evaluate 2026-27 as the sweet spot for going public,” Moglix’s founder and CEO Rahul Garg told Livemint. He added that the startup will become “publicly ready” within 12 months.

With this, Moglix joins a growing list of Indian startups that have set their eyes on relocating their bases to India. Some of these startups are Razorpay, Groww, Pine Labs, Meesho and Udaan. 

These entities are looking to move back to India as they vie for a piece of the domestic capital markets and ease of business. 

But, the reverse flipping comes with significant tax implications, as seen in the case of PhonePe, which was slapped with a $800 Mn tax bill and extensive paperwork. 

Commenting on tax implications, Garg reportedly said that there was no definitive information on this aspect as the process is still underway. 

He added that while the unicorn is exploring opportunities in other markets as well, India is a more favourable destination to list as Moglix has the “strongest brand presence in the country”.

Noting that there is sufficient capital available in the country, Garg said the Indian public market has become substantially larger compared to what it was a decade ago.

Meanwhile, the CEO underlined Moglix’s plans to deepen its presence in other international markets. Garg affirmed that non-India markets will contribute 10-15% to the unicorn’s total revenue over the next two to three years.

In the financial year 2022-23 (FY23), more than 98% of the company’s revenue came just from India, while the remaining 2% came from Singapore and the UAE.

Founded in 2015 by Garg, Moglix sells a wide range of industrial tools and equipment on its B2B marketplace and targets sectors such as automotive, cement, chemicals, consumer durables, FMCG, and metals, among others. 

The Tiger Global-backed startup clocked an operating revenue of INR 4,664.7 Cr in FY23, up nearly 83% from INR 2,554.6 Cr in the year-ago period. Meanwhile, losses jumped 12% year-on-year (YoY) to INR 193 Cr in FY23. 

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