SUMMARY
- Moglix’s revenue from operations climbed to Rs 4,964 crore in FY24 from Rs 4,704 crore in FY23.
- It saw a 16% reduction in losses to Rs 189 crore in FY24 from Rs 225 crore in FY23.
- Its expenses totaled Rs 5,493 crore in FY24, up from Rs 5,208 crore in FY23.
B2B ecommerce platform Moglix saw a 82.6% increase in FY23 in its revenue while its revenue from operations climbed to Rs 4,964 crore ($591 million) in FY24 from Rs 4,704 crore ($560 million) in FY23, as per its consolidated financial reports from its Singapore-based group company.
The bulk of Moglix’s revenue, 98.98%, came from the sale of goods, which saw a 5.4% increase to Rs 4,914 crore in FY24. The rest of its income was derived from commissions on online sales, services in information technology, factoring, and other related services.
Interest income and other non-operating earnings took Moglix’s total income to Rs 5,309 crore ($632 million) in FY24. India was the main source of revenue, contributing 97.1%, with the USA making up 2.7% and Singapore contributing 0.16%.
Moglix operates on a cash-and-carry basis, with the cost of procurement making up 84% of its total expenses. In FY24, these costs increased by 4.4% to Rs 4,620 crore, up from Rs 4,427 crore in FY23.
The company spent Rs 218 crore on employee benefits and Rs 92 crore on shipping in FY24. Its expenditure on advertising, legal, information technology, allowance for doubtful debts, and other expenses totaled Rs 5,493 crore ($654 million) in FY24, up from Rs 5,208 crore ($620 million) in FY23.
Despite the lack of significant growth in scale, the company’s ability to manage costs and a rise in other income sources led to a 16% reduction in losses to Rs 189 crore ($22.5 million) in FY24 from Rs 225 crore ($26.8 million) in FY23. Its ROCE and EBITDA margin were -4.82% and -1.5%, respectively. On a per-unit basis, the company spent Rs 1.11 to generate a rupee in FY24.
Moglix has secured a total of $440 million funding from various investors. Notably, Tiger Global is the leading stakeholder with a 14.75% stake, followed by Accel and Alpha Wave, each with a 14.26% and 13.35% stake, respectively. Co-founder and CEO Rahul Garg owns a 12.67% stake in Moglix.
