After working at Google in Tokyo and Singapore, Rahul Garg returned to Faridabad in 2013-14 with a problem in view: the inefficiency of industrial procurement. “Faridabad is not a city that lets you forget India runs on factories,” he told FE. What he found was not a lack of capability on the shop floor, but a gap around it. Production lines were modern, but procurement systems were manual, reliant on notebooks, calls, and long-held supplier relationships.
Errors had immediate consequences like, downtime, delayed deliveries, and strained contracts. What stood out was not just the inefficiency, but how normalised it had become. “Technology had transformed consumer commerce and financial services. There was no structural reason industrial procurement should remain untouched,” Garg said.
The idea that emerged was not to add a digital layer but to rebuild reliability into the system. That became the starting point for Moglix. Garg’s own trajectory shaped this approach. An electrical engineering graduate from Indian Institute of Technology Kanpur, followed by an MBA at Indian School of Business, he had worked across wireless systems, semiconductors, and network architecture before moving into search advertising at Google Asia.
“It was a meaningful role. But I was drawn to what was not being addressed, which is industrial supply chains,” he said. The early assumption was that a digital marketplace would solve procurement inefficiencies. That proved incomplete. “Industrial buyers do not want more options. They want the option they chose to arrive on time,” Garg said. The shift was from discovery to reliability.
Fulfilment to supply chain Infrasturture
Moglix moved into fulfilment, then supply chain infrastructure, and eventually financing, recognising that working capital is embedded in procurement decisions. Early research was field-led. Teams spent time across industrial clusters, observing how procurement decisions were made and where delays occurred. When Moglix launched in August 2015, the focus was not on scale but on execution. “The first order delivered as promised – that was the milestone,” he said.
The initial years required building trust in an offline ecosystem. Procurement managers had little incentive to experiment. “We were asking them to introduce uncertainty into a system designed to avoid it,” Garg said. The response was operational discipline. “Deliver correctly. Repeat. Trust builds over time.” Investors came in alongside this execution.
The company raised about $1.5 million in seed funding in 2015 from Accel, Jungle Ventures, and Seedplus, with Ratan Tata joining as an early investor in 2016. Subsequent backers included Tiger Global, Sequoia Capital, Alpha Wave Global, IFC and Kalyan Krishnamurthy. Total funding has reached about $450–470 million, with the company headquartered in Singapore and operating across India, the UAE, the US, the UK, and Mexico.
Scale followed structure. Moglix today serves over 1,000 large enterprises and 3,000 factories across five countries, supported by 58 fulfilment centres. Delivery timelines have reduced from 72–96 hours to 12–24 hours in many cases.
Alongside, the company expanded into adjacent layers. Its fintech arm, Credlix, launched in 2021, has enabled over 2,500 crore in working capital for MSMEs across more than 50 countries. In 2026, it introduced Cognilix, an AI-led procurement system built on transaction data exceeding $40 billion.
Revenue has grown from Rs 4,650 crore in FY23 to 4,900 crore in FY24 and5,700 crore in FY25, while losses have narrowed over the same period.
“What differentiates us is accountability for what happens after the connection between buyer and seller,” Garg said. The model now integrates procurement, logistics, financing, and supply chain intelligence into a single system. The progression was not linear or pre-designed.
“None of this was part of the original plan. It came from listening to what customers needed,” he said. The core idea, however, has remained constant: in industrial systems, reliability is the product.