Moglix Expands into Enterprise AI with Cognilix Launch
Moglix, the B2B e-commerce unicorn, has made a significant move into enterprise technology. The company unveiled Cognilix, an artificial intelligence-led operating system designed for B2B commerce and procurement. This launch signals a strategic expansion beyond its core marketplace business.
A Structured Push into Software
Founder and CEO Rahul Garg revealed that Moglix has invested $40-50 million over the past decade in developing the technology behind Cognilix. The platform represents the company's most structured entry into enterprise software to date.
Cognilix leverages Moglix's extensive scale, including:
- $40 billion in transaction volume
- Over 45,000 suppliers
- 1.2 million stock keeping units (SKUs)
- Operations in more than 80 countries
- 58 warehouses worldwide
The company currently works with over 1,000 enterprises, many of which already use some form of its underlying technology.
Financial Strategy and Investment
Alongside the Cognilix launch, Moglix announced a planned $5 million investment in vertical-specific AI products. Pricing for Cognilix will remain customized, ranging from $50,000 to several million dollars depending on product and customer size.
Moglix has raised $471 million across nine funding rounds. Notable investors include Tiger Global, Peak XV, Accel, and Ratan Tata. The company follows a broad, layered business model that spans multiple industries.
Building on a Decade of Growth
Founded in 2015, Moglix established itself as a generalist B2B marketplace serving manufacturing, construction, electricals, automotive, and medical supplies sectors. Over time, the company expanded into logistics, financing, and now enterprise software.
The company reported operating revenue of $681.5 million in FY25 with a net loss of $11.3 million. This represents significant progress, as Moglix reduced losses by nearly 50% in FY25 after years of widening deficits.
Competitive Landscape and IPO Plans
Moglix faces increasing scrutiny as peers like Infra.Market and OfBusiness have already achieved profitability. The company aims to raise ₹500-600 crore through an IPO in late 2026 or early 2027, putting it in direct competition with other B2B platforms.
Garg sees potential to scale Cognilix into a $100 million software business over five years. This ambition comes at a time when Indian enterprises alone spend an estimated $500 million annually on procurement software.
Integration with Financial Services
The technology push aligns closely with Moglix's embedded finance strategy. Through its lending arm Credlix, the company recently acquired a majority stake in NBFC Vanik for ₹80 crore, adding to its existing financial services presence.
"Credit is becoming central to B2B commerce," Garg emphasized. "When finance is embedded directly into procurement workflows and approval systems, it materially improves conversion, predictability, and customer stickiness, especially for MSMEs that operate under tight working capital constraints."
Moglix currently uses AI internally for credit underwriting, though these models remain proprietary.
Future Challenges and Opportunities
Moglix's diversified model presents both opportunities and challenges. Compliance requirements vary significantly across different product categories, particularly in medical devices and industrial equipment. The company's global supply chain also exposes it to geopolitical volatility.
With over 96% of revenue still coming from India, investors will closely watch whether Moglix's global ambitions translate into meaningful margin expansion. The company remains Singapore-domiciled but plans to shift its domicile to India, after which IPO timelines will become clearer.
Cognilix aims to automate procurement workflows, optimize inventory in real time, standardize product catalogues, and enable structured B2B selling while integrating with existing ERP systems. This comprehensive approach positions Moglix for the next phase of growth in India's competitive B2B e-commerce landscape.
