Ratan Tata-backed B2B marketplace for MSMEs Moglix acquires used machinery platform Vendaxo

Ratan Tata-backed B2B marketplace for MSMEs Moglix acquires used machinery platform Vendaxo

Industrial output had shrunk by 57.3 per cent in April 2020.India’s used equipment market is sort of value Rs 64,000 crores.

Know-how for MSMEs: E-commerce platform for industrial instruments and gear for MSMEs Moglix has acquired market for used equipment Vendaxo for an undisclosed sum. The acquisition would allow Tiger World and Ratan Tata-backed business-to-business (B2B) unicorn Moglix to supply high-value capital items at economical costs to producers significantly MSMEs which have been in search of reasonably priced options amid working capital crunch as a result of Covid pandemic. In response to the MSME Ministry’s FY21 report, 31 per cent (1.96 crore) of 6.33 crore MSMEs in India are within the manufacturing sector.

“We began Moglix with the imaginative and prescient of offering doorstep entry to top quality, reasonably priced industrial merchandise. The combination of Vendaxo with our platform is aligned with our imaginative and prescient to deliver the benefit and velocity of e-commerce to the manufacturing sector,” stated Rahul Garg, Founder & CEO, Moglix, in a press release. The startup had final raised $120 million in its Collection E funding spherical in Might this yr at a valuation of greater than $1 billion and has thus far raised $220 million in fundraising. Infra.Market is the one different unicorn in India specializing in producers to supply development materials.

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Based in 2017, Vendaxo was a B2B e-commerce platform that supplied used equipment liquidation options to MSMEs and enormous manufacturing enterprises resembling Siemens, Arvind India, Marico, Raymond, and Torrent Pharma. The used machines and gear market enabled 40,000 customers to purchase and promote from its verified listings of 31 thousand SKUs by way of its digitally enabled and secured escrow course of. Moglix stated that India’s used equipment market is sort of value Rs 64,000 crores and is a crucial lever for driving sustainable manufacturing within the nation.

“By way of Moglix, we can present options to a bigger variety of prospects and on a a lot greater scale. Our integration with Moglix will facilitate entry to Moglix’s built-in suite of expertise, credit score strains, distribution community, and on floor provide chain capabilities for larger market penetration,” stated Poonam Choudhary, Founder, Vendaxo. In response to Redseer’s estimates, the web B2B market may very well be greater than $60 billion by 2025. Earlier this yr, Moglix had forayed into the availability chain financing market with the launch of its digital platform Credlix to supply collateral-free working capital to its suppliers, most of whom are MSMEs.

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