Accel-backed business-to-business (B2B) e-commerce platform Moglix’s net loss widened in 2020-21 (FY21) as the company doubled its revenue during the year.
The platform operated by Mogli Labs (India) Pvt Ltd, reported a net loss of Rs 81.03 crore for FY21, against a net loss of Rs 78.10 crore in 2019-20 (FY20), the company’s filings with the Ministry of Corporate Affairs (MCA) showed.
During the year, the company’s revenue from operations jumped to Rs 776.69 crore from Rs 375.82 crore a year earlier, taking the company’s total income to Rs 777.45 crore.
The company’s numbers are on a standalone basis.
The company, which also counts Sequoia Capital India and Tiger Global Management as its backers, reported a sharp rise in its total expenses, owing to surge in operating costs. Moglix’s total expenses for FY21 soared to Rs 858.48 crore from Rs 456.52 crore a year earlier.
The company’s purchases of stock in trade rose to Rs 718.85 crore for the year, from a little over Rs 347 crore for FY20, while its employee benefit costs also jumped over 35% to Rs 80.23 crore.
“We are expecting to grow revenue by 3X in FY22 over FY21. We continue to invest in newer areas and geographies like the Middle-East and Credlix and would think of break even in the next 12-18 months,” said Rahul Garg, Chief Executive Officer, Moglix.
“We continue to grow rapidly. Covid has introduced a unique opportunity for India to lead in manufacturing in the coming years and we are enabling the sector to capture this opportunity,” Garg added.
Moglix joined the unicorn club in May 2021, after it had secured $120 million as a part of its Series E funding led by Falcon Edge Capital and Harvard Management Company.
Unicorns are private companies with over $1 billion valuation.
The company has raised as much as $220 million to date and was valued at $1 billion at the time of its last fundraise.
In a recent interview with VCCircle, Moglix Founder Rahul Garg said that the company would achieve breakeven in 18-24 months.
Garg had also told VCCircle that the company was looking to make acquisitions, and expand its categories. Moglix was also planning to double down on its Middle-East business.
Moglix, founded in 2015, offers service across procurement, packaging, supply chain financing and highly integrated software.
As of 2021, the company claimed to cater to 500,000 small and medium enterprises (SMEs) and 3,000 manufacturing plants across India, Singapore, the UK and the UAE.
The company also claimed to have a supply chain network of over 16,000 suppliers, more than 35 warehouses and logistics infrastructure.
Moglix had recently acquired used machinery re-selling startup Vendaxo for an undisclosed amount, in a bid to expand its footprint in the high value capital goods market.