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.
