Top 5 wonders you need to know about Moglix

Companies aim for a complete revolution in worldwide industrial supply operations as the market aggressively jumps on the global bandwagon. This is where Moglix, a B2B e-commerce platform for industrial goods, comes into the picture.

Moglix is a Ratan Tata-backed Ecommerce company with offices around Asia and a preference for B2B purchases of industrial materials. Moglix was created to create an exclusive digital-trade environment tailored to meet the various demands of buyers and sellers, with a mission to bridge the gap between B2B merchants and consumers.

What is Mogllix?

Moglix, another firm on India’s unicorn list for 2021, became a club member in May 2021 after receiving $120 million in Series E funding, which helped the company’s valuation surpass the $1 billion mark. Learn the story of how Rahul Garg founded Moglix and turned it into a unicorn in just six years! Get information about the Moglix Company Highlights, Founders and Team, Products, Business and Revenue Model, Growth, Acquisitions, Competitors, Awards, Funding and Investors, and more.

Top 5 things you wonder about Moglix

• It will be India’s thirteenth unicorn in 2021.

Moglix reportedly became a unicorn after it raised $120 million in its Series E fundraising, which Falcon Edge Capital and Harvard Management Company coordinated. The company had raised $220 million by May 17, 2021, and its valuation had increased to $1 billion, making it the 13th unicorn from India this year. Other businesses joined the unicorn club in April 2021, including Sharechat, GupShup, and Urban Company.

• Credilx was introduced in February 2021.

Yahoo reported that Moglix had announced the debut of Credlix, a supply chain finance solution, in February 2021. Moglix would provide working capital solutions without collateral through the platform to the company’s Indian suppliers. Over time, Garg revealed, the service would be made available to MSMEs in India, allowing suppliers to continue doing business by providing reasonable discounts.

• It was recognized as India’s fastest-growing technology company in 2018

Based on the average percentage of revenue growth over the previous three years, the Deloitte Technology Fast 50 India Program rates India’s fastest-growing technology companies. Due to a 120x increase in income since 2016, Moglix secured the top rank in 2018. Razorpay, which had risen by 110x, finished in second, and Cashify, with a growth of 70x, came in third. The top 10 winners rose from Rs 18 crore (USD 2.46 million) to roughly Rs 500 crore (USD 68.38 million) in total between 2017 and 2018.

• Over coffee, its idea was discussed and put down on napkins.

Meeting for coffee and agreeing to pursue a goal has led to the creation of many successful enterprises. One of these businesspeople is Garg, who got together with the investment committee to generate ideas. They must have decided on the B2B platform because they later came up with the idea while drinking coffee. The company’s creator claimed that the specifics were scribbled on some napkins to speed up the sale’s closing, which is how Moglix came to be.

• It is a company with a reverse brain drain.

Young people are often pushed to work hard in school to land prosperous professions, but most nations cannot afford to hire talented graduates. As a result, young people go to other nations in quest of “greener pastures,” giving rise to the term “brain drain.” According to Expat, India is one of the nations with the most significant percentage of young people moving to America. In contrast, Moglix hires qualified individuals to work in India. The creator even claimed that by relocating to India from Singapore, he set the bar high.

Conclusion

The most popular option for employees to acquire stock in a company is through an employee stock ownership plan (ESOP). It is a plan that primarily serves to motivate and reward high-performing workers. For instance, Paytm, a precious unicorn in India, declared it would offer Rs250 crore (USD 34.19 million) in employee stock ownership plans (ESOPs) to the top workers. On the other side, in 2019, Moglix acquired shares from roughly 25 employees for a total of Rs 10 crore (1.37 million USD). Additionally, senior-level personnel like deputy managers were to receive rewards.