Tiger Global-backed Moglix's revenue from operations jumps 82% in FY22-23
Loss after tax widened from Rs 146 crore in the previous year to Rs 194 crore in FY22-23.
Noida-based B2B ecommerce marketplace has reported a revenue of Rs 4,128 crore, from operations, in FY22-23, compared to Rs 2,270 crore in FY21-22, marking a rise of 81.85%.
Loss after tax widened from Rs 146 crore in the previous year to Rs 194 crore in FY22-23.
Total expense increased from Rs 2,214 crore in FY21-22 to Rs 4,335 crore in FY22-23. Total income in FY22-23 was Rs 4,139 crore, up from Rs 2,270 crore in the previous year.
The company has issued 3,81,537 compulsorily cumulative convertible preference shares to its existing equity holders during FY22-23.
Founded in 2015 by IIT Kanpur and ISB alumnus Rahul Garg, Moglix is an ecommerce marketplace for industrial goods like power tools, hand tools, adhesives, safety and security, and electricals.
The startup offers end-to-end ecommerce services, procuring and supplying safety tools, hardware, and office supplies.
Moglix operates a supply chain network of over 16,000 suppliers and 40 warehouses.
In April 2021, it raised $120 million in its Series E funding round, and, in 2022, its valuation doubled to $2.6 billion after a $250-million Series F funding round.
Recently, Moglix partnered with the Indian Institute of Technology, Kanpur's AIIDE-CoE (Artificial Intelligence and Innovation Driven Entrepreneurship - Centre of Excellence) to develop technologies in the rapidly evolving field of AI.
The collaboration will focus on supply chain optimisation, product recommendation, natural language processing, image recognition, and predictive maintenance, identifying new opportunities for innovation.
In October last year, Moglix acquired ADI's India distribution business to expand into industrial goods distribution. The acquisition, which aims to strengthen its product portfolio in video surveillance, access control, and fire control products, will integrate ADI India's offerings, sales partnerships, on-ground assets, and workforce into Moglix's global supply chain ecosystem.
(The copy was updated to express figures in crore.)
Edited by Swetha Kannan