B2B industrial goods e-commerce unicorn Moglix will turn profitable in the next 18 months, even as it eyes growth of 30 to 40 per cent year-on-year for the next few years, said founder Rahul Garg.
“We are well capitalised and will become profitable in the next one and a half years. We are in a unique spot in that we have a very good balance sheet, capital in the bank, and an extreme runway,” said Garg.
The company clocked a growth rate of 87 per cent in FY22, while its revenue stood at $307 million in FY22. In FY23, the company grew by 100 per cent from the previous fiscal, he added.
Founded in 2015, Moglix currently has 5 lakh stock-keeping units (SKUs) and wants to double that number. The company is looking to scale its B2B business in India and has expanded internationally as it has entered the middle eastern markets
The company has also launched its digital supply chain financing platform, Credlix, to provide quick, collateral-free working capital solutions for the entire supply chain. Vendors and suppliers can do everything from credit application and credit risk assessment to payment approval and final disbursement on a single platform.
Additionally, the flow-based financing model provides services like early payments or invoice discounting, which relies on almost daily updates on what MSMEs are buying and selling and monthly updates of GST data points.
Garg said that a significant portion of B2B commerce will move to digital platforms in the next few years as compared to the offline market, and the company is ‘well positioned’ to go deeper.
“We continue to go deeper on creating catalogues, creating the footprint, and capturing some of the largest customers in the country to be able to continue execute and build probably an equivalent of Flipkart and Amazon in the B2B world,” he said.
The company has raised $469.2 million in over nine rounds of funding from Tiger Global, Alpha Wave Global and other.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.