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 procurement, alongside a planned $5 million investment in vertical-specific AI products, signalling a push beyond marketplace economics.

The launch marks Moglix’s most structured move into enterprise software, building on nearly a decade of investments in digitization, data-driven decision-making, and supply chain optimization. Over the last 10 years, the company has reportedly spent $40-50 million developing technology that now underpins Cognilix, founder and chief executive officer (CEO) Rahul Garg told Mint.

Cognilix leverages Moglix’s scale: $40 billion in transactions, over 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 over 1,000 enterprises, many using some form of its underlying technology today.

Pricing will remain customized, ranging from $50,000 to several million dollars, depending on product and customer size, Garg said.

Moglix has raised $471 million over nine funding rounds, with investors including Tiger Global, Peak XV, Accel, and Ratan Tata. Unlike some rivals, the company has followed a broad, layered model. Founded in 2015, Moglix built a generalist B2B marketplace across manufacturing, construction, electricals, automotive, and medical supplies, while adding logistics, financing, and now enterprise software.

It was only in FY25 that Moglix cut losses by nearly 50%, after years of widening deficits despite raising close to $600 million over a decade. Moglix reported operating revenue of $681.5 million in FY25, with a net loss of $11.3 million, according to Traxcn data.

In comparison, peers such as Infra.Market and OfBusiness have already reported profitability, intensifying scrutiny on Moglix’s path ahead of a public listing.

Cognilix is being positioned as part of that solution. Built on Moglix’s live operating data, the platform aims to automate procurement workflows, optimise inventory in real time, standardize product catalogues, and enable structured B2B selling, while integrating with existing ERP systems.

Garg sees potential to scale Cognilix into a $100 million software business over five years, at a time when Indian enterprises alone spend an estimated $500 million annually on procurement software.

The technology push ties closely to Moglix’s embedded finance strategy. Through its lending arm Credlix, the company recently acquired a majority stake in non-banking financial company (NBFC) Vanik for ₹80 crore, adding to its existing NBFC presence at GIFT City. AI is already being used internally for credit underwriting, though the models remain proprietary.

“Credit is becoming central to B2B commerce," Garg said. “When finance is embedded directly into procurement workflows and approval systems, it materially improves conversion, predictability, and customer stickiness, especially for MSMEs that operate under tight working capital constraints."

Moglix reiterated that it remains a Singapore-domiciled company and timelines for an initial public offering (IPO) will become clearer after a domicile shift to India. The company aims to raise ₹500-600 crore through the IPO in late 2026 or early 2027, putting it in direct comparison with peers such as Infra.Market, Udaan, and OfBusiness—all grappling with public-market questions around scale, margins, and capital efficiency.

Moglix’s diversified model, however, brings regulatory and execution risks. Compliance burdens vary sharply across categories, particularly medical devices and industrial equipment, while its global supply chain exposes it to geopolitical volatility. With over 96% of revenue still from India, investors will also look closely at whether its global ambitions translate into meaningful margin expansion.