Moglix eyes follow-on round, Esop buyback
Mumbai: B2B e-commerce platform Moglix is in talks with both existing and new investors to secure a secondary round worth $30-35 million. A substantial portion of it will be an employee stock option buyback, said two people aware of the development. The secondary is estimated to be at 15-20% discount to the company’s primary valuation of $2.6 billion.
“A large Esop block is being done. It should conclude in a month or so," one of the two people said. “It could be part of a primary fund raising the company has been trying to put together." According to the first person, a few early investors may partially cash out as part of this round.
In 2021, it expanded its Esop pool to $10 million, comprising over 300 employees. This will be the second and largest Esop purchase by the company. In 2021, it bought back Esops worth $3 million.
Last December, Mint first reported about the Bengaluru-based startup’s plans to raise $100-150 million from existing and new investors, including Middle East-based family offices, among others. Founded in 2015 by Rahul Garg, Moglix offers procurement, packaging, supply chain financing and integrated software services. The Tiger Global-backed firm had raised $250 million in Series F in January 2022 at a valuation of $2.6 billion.
Alpha Wave Global (formerly Falcon Edge), Jungle Ventures, Ward Ferry, IFC and Accel are its investors. It has so far secured $470 million in equity funding. It entered the coveted unicorn club in 2021 following a $120 million funding led by Alpha Wave Global.
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