Whalesbook
Moglix is intensifying its enterprise technology push as India's business-to-business (B2B) e-commerce sector heats up.
The Alpha Wave Global-backed unicorn announced Cognilix on Wednesday, an artificial intelligence (AI)-led operating system designed for B2B commerce and procurement. This launch is accompanied by a planned $5 million investment in vertical-specific AI products, marking a significant step beyond its marketplace origins.
Enterprise Software Push
Cognilix represents Moglix's most structured foray into enterprise software, building on nearly a decade of investment in digitization, data analytics, and supply chain management. The company has reportedly invested $40-50 million over the past ten years developing the foundational technology for Cognilix, according to founder and CEO Rahul Garg.
Leveraging Scale and Data
The platform's capabilities are powered by Moglix's extensive scale: $40 billion in transactions, over 45,000 suppliers, 1.2 million stock keeping units (SKUs), operations in more than 80 countries, and 58 warehouses. Moglix stated that it already partners with over 1,000 enterprises, many of which utilize aspects of its existing technology.
Pricing for Cognilix will be customized, ranging from $50,000 to several million dollars, depending on the specific product and client size. Moglix has secured $471 million across nine funding rounds from investors including Tiger Global, Peak XV, Accel, and Ratan Tata.
Competitive Pressures
While Moglix has historically operated a broad, layered model encompassing a generalist B2B marketplace, logistics, financing, and now enterprise software, rivals like Infra.Market and OfBusiness have already achieved profitability. Moglix reported operating revenue of $681.5 million in FY25, with a net loss of $11.3 million, having cut losses by nearly 50% in that fiscal year.
Cognilix is positioned as a key element in Moglix's strategy to address these competitive pressures. The platform aims to automate procurement, optimize inventory in real-time, standardize product catalogs, and facilitate structured B2B sales, while integrating with existing ERP systems.
Financial Integration and IPO Outlook
Garg envisions Cognilix growing into a $100 million software business within five years, tapping into the estimated $500 million annual Indian enterprise spend on procurement software. This technology drive is closely linked to Moglix's embedded finance strategy; its lending arm, Credlix, recently acquired a majority stake in NBFC Vanik for ₹80 crore. AI is already employed internally for credit underwriting.
Moglix reiterated its Singapore domicile, with IPO timelines contingent on a shift to India. The company aims to raise ₹500-600 crore via an IPO in late 2026 or early 2027. Execution risks, regulatory complexities across its diverse product categories, and reliance on the Indian market, which accounts for over 96% of its revenue, will be closely watched.