Revenue doubled to INR 776 Cr by Tiger Global Backed Moglix in FY21, Expenses grew by 88%
- ByStartupStory | March 11, 2022
Moglix, a B2B ecommerce marketplace is inching closer gradually to INR 1,000 Cr revenue from sales like its peers Infra.Market and Zetwerk. In the financial year ending on March 31, 2021, the B2B marketplace valued at $2.6 Bn, managed to earn INR 776.6 Cr from operations. It earned a 106% increase from INR 375.8 Cr from its operations in FY20.
Revenue from sale of products and revenue from sale of services, and other operating revenues are divided as Moglix’s revenue from operations. While its revenue stood at INR 767.1 Cr from the sale of products, in FY21 its revenue from the sale of services stood at INR 8.84 Cr.
Taking its total revenue to INR 777.4 Cr in FY20, Moglix’s other income stood at INR 7.6 Lakh, in FY20 it earned a 2X increase from INR 378.4 Cr. As the revenue grew, its expenses grew too. A total of INR 858.4 Cr was spent by the startup in FY21, in FY20 it spent an 88% increase from INR 456.5 Cr.
On the purchase of stock-in-trade INR 718.8 Cr was spent by the startup, the second major reason behind its cash burn was its employee benefit related expense. Employee salaries, gratuity, PF contribution, and other employee welfare activities are included as the employee benefit expenses, was pegged at INR 80.23 Cr, a 35.5% jump from INR 59.1 Cr. was spent in FY20.
In FY21, Moglix’s other expenses consisted of rent, advertisement activities, and other miscellaneous expenses, stood at INR 51.6 Cr, as compared to in FY20 it spent INR 42.6 Cr. In FY21, the startup widened its losses marginally by 3%. A loss of INR 81 Cr was incurred by the Tiger Global-backed startup in FY21. Overall, a loss of INR 78.09 Cr was posted by the startup in FY20.
Moglix was founded in 2015 by Rahul Garg. It is an ecommerce marketplace for industrial goods such as hand tools, adhesives, power tools, safety and security and electricals. Safety tools, hardware, office supplies and more are procured and supplied to the industries. The startup from procurement to distribution and financing claims to be an end-to-end ecommerce company.
A supply chain network of over 16,000 suppliers, 40 warehouses and logistics infrastructure are run by the startup. On its supply chain financing platform Credlix, it crossed the $100 Mn disbursal rate.
In April 2021, after it raised about $120 Mn in its Series E funding round led by Falcon Edge Capital and Harvard Management Company, Moglix entered the unicorn club. In 2022, after its $250 Mn Series F funding round from Alpha Wave Global and Tiger Global along with Ward Ferry, the startup doubled its valuation to $2.6 Bn.
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