Moglix debuts Cognilix, expanding into enterprise AI
The Alpha Wave Global-backed unicorn on Wednesday unveiled Cognilix, an artificial intelligence (AI)-led operating system for B2B commerce and purchasing, as well as a planned $5 million investment in vertical-specific AI products, signaling it will go beyond market economics.
The launch marks Moglix’s most structured foray into enterprise software, building on nearly a decade of investments in digitization, data-driven decision-making and supply chain optimization. Founder and chief executive officer (CEO) Rahul Garg said the company has spent $40-50 million over the last 10 years developing the technology that underpins Cognilix. Mint.
Cognilix leverages Moglix’s scale: $40 billion in transactions, more than 45,000 suppliers, 1.2 million stock keeping units (SKUs), operations in more than 80 countries, and 58 warehouses. The company said it works with more than 1,000 businesses, many of which use some of its core technology today.
Pricing will range from US$50,000 to several million US dollars, depending on product and customer size, Garg said.
Moglix has raised $471 million in nine funding rounds with investors including Tiger Global, Peak XV, Accel and Ratan Tata. Unlike some of its competitors, the company followed a broad, tiered model. Founded in 2015, Moglix has built a general B2B marketplace in manufacturing, construction, electrical, automotive and medical supplies, while adding logistics, financing and now enterprise software.
Moglix only reduced its losses by almost 50% in FY25, after years of rising budget deficits despite a nearly $600 million increase over the decade. Moglix reported operating income of $681.5 million with a net loss of $11.3 million in FY25, according to Traxcn data.
By contrast, rivals such as Infra.Market and OfBusiness have already reported profitability, and scrutiny on Moglix’s path ahead of its IPO has intensified.
Cognilix is positioned as part of this solution. Based on Moglix’s live operating data, the platform aims to automate purchasing workflows, optimize inventory in real-time, standardize product catalogs and enable structured B2B selling while integrating with existing ERP systems.
Garg sees the potential to turn Cognilix into a $100 million software business within five years, at a time when Indian businesses alone spend around $500 million a year on procurement software.
The technology is closely linked to Moglix’s embedded financial strategy. The company, through its credit arm Credlix, recently acquired a majority stake in non-banking finance company (NBFC) Vanik. ₹80 crore is added to the existing NBFC presence in GIFT City. Although the models remain proprietary, AI is already being used internally for credit underwriting.
“Credit is becoming the center of B2B commerce,” Garg said. “When finance is built directly into purchasing workflows and approval systems, it significantly increases conversion, predictability and customer loyalty, especially for MSMEs operating under tight working capital constraints.”
Moglix reiterated that it remains a Singapore-based company and timelines for the initial public offering (IPO) will become clearer post the move to India. The company aims to grow ₹500-600 crore raised through IPO in late 2026 or early 2027, putting it in direct comparison with peers like Infra.Market, Udaan and OfBusiness; all were grappling with public market issues of scale, margins, and capital efficiency.
But Moglix’s diversified model comes with regulatory and enforcement risks. Compliance burdens vary widely by category, particularly for medical devices and industrial equipment, while the global supply chain makes it subject to geopolitical fluctuations. With over 96% of revenues still coming from India, investors will also be closely examining whether their global ambitions will translate into meaningful margin expansion.
