Moglix reported a gross revenue of $306.9 Mn in FY22, a 192% jump from $105.2 Mn in FY21
The B2B ecommerce marketplace’s total expenses jumped 181.5% to $328 Mn from $116.5 Mn in FY21
Moglix’s loss widened 95% to $21.7 Mn in FY22 from $11.1 Mn in FY21
Bengaluru-based B2B ecommerce marketplace moglix
reported an almost 3X year-on-year rise in its gross revenue in the financial year 2021-22 (FY22). As per the filings of Moglix’s Singapore-based parent entity Mogli Labs Private Ltd, the startup’s gross revenue surged 192% to $306.9 Mn in FY22 from $105.2 Mn in FY21.
At $303 Mn, the startup generated a majority of its total revenue through the sale of traded goods on its platform, while it earned $816.4K through commission on online sales. In comparison, Moglix earned $103 Mn through sale of traded goods and $589K through commission of online sales in FY21.
India continued to be the biggest contributor to revenue. Moglix generated revenue of $304.8 Mn from India in FY22, a 192% increase from $104.4 Mn in FY21. Meanwhile, it earned $1.67 Mn from Singapore, a 100% jump from $835K in FY21. Besides, Moglix also generated revenue of $397.8K from the UAE, where it forayed in August 2021.
However, the startup’s cash from operations further worsened to – $43.07 Mn in FY22 from – $18.3 Mn in FY21.
It must be noted that the financial statements of the Singapore entity includes the financials of seven entities – Mogli Labs (India) Pvt Ltd, Mogli Finance Pvt Ltd, Mogli Labs Inc., and Mogli Labs UK Private Limited, among others.
Meanwhile, Moglix’s total expenses jumped 181.5% to $328 Mn from $116.5 Mn in FY21. Cost of sales, which primarily comprises procurement cost, increased 194.7% to $286.5 Mn from $97.2 Mn in the previous year.
Administrative expenses, which generally comprise acquisition-related costs and employee benefit expenses, grew to $26.1 Mn from $14.4 Mn in FY21.
It must be noted that Moglix acquired used machinery ecommerce platform Vendaxo in July 2021 for an undisclosed amount. It also acquired ADI Global Distribution’s India distribution business in October 2022.
Incidentally, the startup laid off 40 employees this week based on a performance review.
Meanwhile, its selling and advertising expenses rose 183% to $9.41 Mn from $3.32 Mn in FY21.
Moglix’s EBITDA margin improved to -5.9% in FY22 from -9.96% in FY21, while net loss widened 95% to $21.7 Mn in FY22 from $11.1 Mn in FY21.
Founded by Rahul 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. The startup has raised over $470 Mn across multiple rounds till date. It counts marquee investors such as Alpha Wave Global, Tiger Global, Sequoia Capital India, and Accel Partners among its backers.
B2B ecommerce marketplace startups which cater to industrial needs have been riding high due to high demand as compared to the B2C ecommerce startups which are in deep losses.
Zetwerk, a Bengaluru-based B2B manufacturing marketplace, posted revenue from operations of INR 4,961 Cr in FY22, whereas Infra.Market, a Mumbai-based construction focused B2B ecommerce startup, posted sales of INR 6,236.2 Cr in FY22. While Zetwerk reported a net loss of INR 59.7 Cr, Infra.Market posted a profit of INR 186 Cr in FY22.
