Moglix, the B2B ecommerce platform, is contemplating relocating its headquarters to India as part of its strategic move towards a public market debut targeted within the next two years. The decision aligns with the trend of Indian startups, including Razorpay, Groww, Pine Labs, Meesho, and Udaan, looking to shift their bases back to India to tap into domestic capital markets and benefit from a more conducive business environment.
Founder and CEO of Moglix, Rahul Garg, shared insights on the company’s plans, stating, “I think we will continue to evaluate 2026-27 as the sweet spot for going public,” and highlighted that Moglix is on track to become “publicly ready” within the next 12 months.
While considering opportunities in other markets, Garg emphasized that India is the preferred destination for listing due to Moglix’s robust brand presence in the country. However, he acknowledged the potential tax implications of the reverse flipping process, referencing PhonePe’s experience with an $800 Mn tax bill and extensive paperwork. Garg added that concrete information on tax implications is pending as the process is still in progress.
Asserting the availability of ample capital within the country, Garg underscored the significant growth of the Indian public market over the last decade. He expressed confidence in India’s potential as a favorable listing destination, given Moglix’s strong brand positioning.
Simultaneously, Garg outlined the company’s plans to enhance its footprint in international markets. He anticipates that non-India markets will contribute 10-15% to Moglix’s total revenue in the next two to three years. In the financial year 2022-23, over 98% of the company’s revenue was generated in India, with the remaining 2% originating from Singapore and the UAE.
Founded by Rahul Garg in 2015, Moglix specializes in the sale of industrial tools and equipment across various sectors, including automotive, cement, chemicals, consumer durables, FMCG, and metals. The Tiger Global-backed startup reported an operating revenue of INR 4,664.7 Cr in FY23, marking an impressive 83% YoY growth from INR 2,554.6 Cr in the previous fiscal year. Despite the revenue surge, losses experienced a 12% YoY increase, reaching INR 193 Cr in FY23.
