Moglix begins 2023 with layoffs

Moglix, an Indian B2B marketplace backed by investors such as Tiger Global and Alpha Wave, has begun layoffs amid an increasingly negative economic environment, according to sources.

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Moglix, an Indian B2B industrial goods marketplace backed by investors such as Tiger Global and Alpha Wave, has laid off 2-3 per cent of its workforce, or about 40 employees, according to a statement from the company. The layoffs occurred after the yearly appraisal of the employees.

This comes as the company expands, with a target to hire 300 more employees in 2023, and as it continues to automate tasks. 

The company recently raised $250 million in a Series F round, valuing it at $2.6 billion, more than double its valuation from May 2021. 

Moglix’s gross revenue grew to $306.9 million in the latest fiscal year, up from $105.2 million in the previous fiscal year, but its losses also grew 88.1 per cent to $21.03 million.

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