India’s ecommerce narrative has been dominated by consumer marketplaces and D2C brands. From record-breaking festive sales and the rise of new-age brands to the explosive growth of quick commerce — consumer-facing platforms have captured most of the spotlight and conversation.

Yet, as global trade faces fresh headwinds and geopolitical uncertainties reshape supply chains, it’s the B2B side of the ecommerce story that’s becoming more consequential. A different transformation is underway on the back of favourable policy changes, increasing digital penetration, and the growing demand among MSMEs.

As global trade faces fresh headwinds and geopolitical shifts rewrite the supply chains, India’s B2B ecommerce ecosystem is beginning to emerge as the silent engine of the country’s industrial and manufacturing growth.

And among those catching attention is Moglix — one of India’s earliest B2B marketplaces.

After a decade of building a global business with headquarters in Singapore, Moglix is now preparing to redomicile and reverse flip to India ahead of a potential initial public offering (IPO) in late 2026 or early 2027.

The B2B marketplace unicorn is planning to raise around INR 500-600 Cr from the Indian public markets — a move that coincides with listing ambitions from peers like Infra.Market, Udaan, and OfBusiness.

The timing seems deliberate.

Public market investors are showing renewed appetite for tech-enabled industrial players, while India’s broader manufacturing and self-reliance narrative is gathering strength. Moglix appears to be positioning itself to ride both waves.

But with a host of other players also vying for the B2B investor attention, Moglix will have its work cut out when the IPO dates come close.

Decoding Moglix’s Evolving Business Model

Founded in 2015 by Rahul Garg, Moglix has always followed a marketplace model similar to Amazon or Flipkart, but built for businesses.

Like most other B2B ecommerce platforms, the company bridges the supply chain gap between manufacturers, distributors, and enterprises by aggregating industrial and commercial products. Though the startup catered to both institutional customers (B2B) and individual customers (B2C), the company’s main focus has been bridging the gaps in the B2B supply chain.

Moglix sources items directly from manufacturers or through dealers, keeps inventory for key SKUs, and allows businesses (retailers, enterprises, MSMEs) to place bulk or single orders through its digital platform. It also provides customised bulk orders.

On the logistics part, Moglix has its own parcel delivery platform mogliEXPRESS, which operates on bikes and mini trucks only in the Delhi-NCR region, while truck deliveries are available across India. The company also has 3PL partners for last-mile deliveries.

And it makes sense for Moglix to tap into market trends. Last year, it became the first B2B player to get into the quick commerce model with next-day delivery.

Manufacturing Push

Over the years, Moglix has expanded its offering across the manufacturing sector. From welding machines to bathroom taps, automotive........

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