Moglix is an online B2B marketplace platform that announced a 5.5 percent increase in operational revenue to Rs 4,964.4 crore in FY24. The startup provides a digital platform offering industrial goods and products like hand tools, foot protection, power tools, spanners, and more. The application enables customers to buy industrial goods. The sales of traded goods and services are the company’s major source of revenue. The startup also provides a platform that offers medical, office supplies, lab, garden products, and more.
Entrackr mentioned in its report that the firm also earns income through commissions on online sales, factoring, information technology, and other allied services. The company has secured over 440 million USD across multiple funding rounds since its inception, including $250 million raised during its series F funding round led by Alpha Wave Global, Tiger Global Management, and other investors.
The startup data intelligence platform, thekredible mentioned that Tiger Global remained the largest external stakeholder with 14.75 percent of the firm’s share. Followed by Accel with 14.26 while Alpha Wave accounts for 13.35 percent of the total stake.
The Noida-based startup provides multi-category products via its online platform including CCTV Cameras, screws, and circuit breakers. The online platform uses advanced technologies to provide a seamless user experience. This B2B startup operates on a cash-and-carry model and provides its users with various industrial goods.
Moglix posted a 16 percent decrease in its net loss to Rs 189 crore in this financial year. The employee benefits decreased and stood at Rs 218 crore in the same duration. The cost of procurement accounted for 84 percent of the total expenses in this fiscal year. The total expenditure of the firm increased by 5.5 percent to Rs 5,493.6 crore in the same duration.
The B2B firm posted a 4.4 percent increase in its costs bringing the total expenditure to Rs 4,620 crore in FY24. The company controlled its losses and saw a 16 percent decrease in FY24. The firm aims to minimize its loss by cost-cutting measures. The legal fees, information technology, advertising, allowance for doubtful debts, and others pushed the total expenditure to Rs 5,493 crore. The EBITDA margin also stood at -1.5 percent while the ROCE was around -4.82 percent. Moglix faces competition from other industrial goods offering platforms such as IndiaMart and Udaan.
Conclusion :
The B2B startup Moglix announced a 5.5 percent increase in its operations from revenue to Rs 4,964 crore in FY24. This online platform provides industrial goods and other products. The sales of traded goods and commissions on online sales are the firm’s primary sources of revenue. The loss also saw a 16 percent decrease to Rs 189 crore in FY24.
The total expenditure of the firm saw an increase of 5.5 percent and crossed Rs 5,493 crore in the same duration. The startup plans to follow cost-cutting measures by reducing operating and employee expenses to control its losses. The company has secured over 440 million USD across multiple funding rounds to date.
Deepika Khare is a digital marketing expert with over 10 years of experience across versatile industries, including technology and startups. She possesses a deep understanding of content and marketing strategies, leveraging her skills to enhance quality and drive impactful results in the digital landscape.
Reach us: deepika.khare@scoopearth.com
Linkedin Profile : https://www.linkedin.com/in/deepika-khare/
Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.