Noida-based B2B commerce unicorn Moglix has acquired Vendaxo, an ecommerce platform for buying and selling of used machinery.
Through the acquisition, Moglix said it wants to provide access to high value capital goods at economical prices to manufacturers.
Founded in 2017, Vendaxo is a B2B ecommerce platform that provides used machinery liquidation solutions to MSMEs and large manufacturing enterprises such as Siemens, Arvind India, Marico, Raymond, and Torrent Pharma. The used machines and equipment marketplace enables 40,000 users to buy and sell from its verified listings of 31,000 SKUs through its digitally enabled and secured escrow process.
Rahul Garg, Founder, Moglix
Speaking on the acquisition, Rahul Garg, Founder and CEO, Moglix said,
“We are excited to welcome Vendaxo into the Moglix ecosystem. We started Moglix with the vision of providing doorstep access to high quality, affordable industrial products. The integration of Vendaxo with our platform is aligned with our vision to bring the ease and speed of ecommerce to the manufacturing sector.”
Poonam Choudhary, Founder, Vendaxo while responding to the development added,
“We are delighted to join the Moglix platform. Through Moglix, we will be able to provide solutions to a larger number of customers and on a much bigger scale. Our integration with Moglix will facilitate access to Moglix’s integrated suite of technology, credit lines, distribution network, and on ground supply chain capabilities for greater market penetration.”
Moglix has recently onboarded Falcon Edge Capital and Harvard Management Company as investors during a $120 million Series E fundraise last month to break into the unicorn club. With a valuation of $1 billion plus, 30 warehouses, and an export footprint covering 120 countries, Moglix aims to digitally transform the supply chain of the manufacturing sector in India.
In February, it had launched Credlix, a supply chain financing platform for suppliers and manufacturers, and expects to power Rs 1000 crore of financing in the coming year.
Edited by Anju Narayanan
Link : https://yourstory.com/2021/07/b2b-commerce-unicorn-moglix-acquires-used-machinery-marketplace-vendaxo
Author :- Sujata Sangwan ( )
July 07, 2021 at 01:39PM
YourStory