B2B commerce unicorn Moglix expands ESOP to $10 mn, to buyback worth $3 mn

B2B commerce unicorn Moglix expands ESOP to $10 mn, to buyback worth $3 mn
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26 Jul, 2021

Industrial goods marketplace Moglix on Monday said it has expanded its employee stock option pool (ESOP) further by $10 million to include over 300 employees 

under the programme. 

The Singapore headquartered company also announced an ESOP buyback programme worth $3 million for all eligible employees with vested stocks on the heels of its recent fundraise. 

Employees will be able to sell up to 25% of their vested shares during the buyback, as per a statement. 

“We believe ESOPs represent ownership mindset and belief in the vision. Typically, B2B and Manufacturing are not seen as attractive sectors for talent. But through our ESOP programme and work culture we want to make it rewarding and meaningful to work in B2B,” founder and CEO Rahul Garg said. 

Watch: Khaitan partner Shabnam Shaikh decodes the tech sector ESOP rush 

In May, Moglix entered the unicorn club through a $120 million growth stage funding round led by alternative investments firm Falcon Edge Capital and Harvard Management Company (HMC).  

The latest round of funding took the total capital raised by Moglix to $220 million.  

In July, Moglix acquired used machinery re-selling startup Vendaxo for an undisclosed amount.    

With end-to-end supply chain operations from sourcing to financing, over 30 warehouses, and a team strength of about 1,000 employees, Moglix operates across countries. 

Garg founded Moglix in 2015. The company claims to provide solutions to small and medium enterprises and manufacturing plants across India, Singapore, Britain, and United Arab Emirates.  

Several manufacturing majors such as Hero MotoCorp, Vedanta, Tata Steel, Unilever and public sector enterprises such as Air India and NTPC procure indirect material through the Moglix platform.   

Moglix competes with Bizongo for in the packaging solutions category, and Industrybuying, whose controlling stake in SME business was acquired by Japanese company MonotaRO for $15 million.