Moglix, a B2B ecommerce platform, is reportedly planning to relocate its base to India. This potential move comes on the back of its plans to make a public market debut in the next two years.
“I think we will continue to evaluate 2026-27 as the sweet spot for going public,” Moglix’s founder and CEO Rahul Garg told Livemint. He added that the startup will become “publicly ready” within 12 months.
With this move, Moglix joins a growing number of Indian startups looking to relocate their bases to India. Among these are Razorpay, Groww, Pine Labs, Meesho, and Udaan.
These companies are seeking to return to India as they compete for a share of the domestic capital markets and aim for improved business conditions.
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However, the decision to flip back entails significant tax implications, as exemplified by PhonePe, which faced an $800 million tax bill and extensive paperwork.
Commenting on tax implications, Garg reportedly stated that there was no definitive information on this aspect as the process is still underway.
He further mentioned that while the unicorn is considering opportunities in other markets, India stands out as a more favorable destination for listing due to Moglix’s “strongest brand presence in the country.”
Noting that there is sufficient capital available in the country, Garg said the Indian public market has become substantially larger compared to what it was a decade ago.
Meanwhile, the CEO emphasized Moglix’s intentions to strengthen its presence in other international markets. Garg confirmed that non-India markets would account for 10-15% of the unicorn’s total revenue over the next two to three years.
In the financial year 2022-23 (FY23), more than 98% of the company’s revenue came just from India, while the remaining 2% came from Singapore and the UAE.
Established in 2015 by Garg, Moglix specializes in selling a diverse array of industrial tools and equipment on its B2B marketplace. The company focuses on serving sectors including automotive, cement, chemicals, consumer durables, FMCG, and metals, among others.
The Tiger Global-backed startup saw an operating revenue of INR 4,664.7 Cr in FY23, soaring nearly 83% from INR 2,554.6 Cr in the preceding year. Nevertheless, losses climbed by 12% year-on-year (YoY) to INR 193 Cr in FY23.
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