Moglix in its quest to construct the working system for the manufacturing sector has acquired Vendaxo, an e-commerce platform for purchasing and promoting of used equipment. This transfer by Moglix, the economic business-to-business unicorn for manufacturing, is a step in direction of making a sustainable and capital-efficient manufacturing ecosystem. By way of the acquisition, Moglix needs to offer entry to excessive worth capital items at economical costs to producers.
“We’re excited to welcome Vendaxo into the Moglix ecosystem,” mentioned Rahul Garg, founder and CEO, Moglix. “We began Moglix with the imaginative and prescient of offering doorstep entry to prime quality, inexpensive industrial merchandise. The mixing of Vendaxo with our platform is aligned with our imaginative and prescient to carry the convenience and velocity of E-Commerce to the manufacturing sector.”
The corporate didn’t reveal the main points monetary details about the acquisition.
Based in 2017, Vendaxo is a B2B e-commerce platform that gives used equipment liquidation options to MSMEs (micro, small and medium enterprises) and enormous manufacturing enterprises comparable to Siemens, Arvind India, Marico, Raymond, and Torrent Pharma. The used machines and gear market allows 40 thousand customers to purchase and promote from its verified listings of 31 thousand SKUs (inventory holding items) by way of its digitally enabled and secured escrow course of. India’s used equipment market is near Rs 64,000 crore and is a vital lever for driving sustainable manufacturing within the nation.
“We’re delighted to affix the Moglix platform,” mentioned Poonam Choudhary, Founder, Vendaxo. “By way of Moglix, we will present options to a bigger variety of clients and on a a lot greater scale. Our integration with Moglix will facilitate entry to Moglix’s built-in suite of expertise, credit score traces, distribution community, and on floor provide chain capabilities for better market penetration.”
Moglix has just lately onboarded Falcon Edge Capital and Harvard Administration Firm as buyers throughout a $120 million Collection E fundraise final month to interrupt into the unicorn membership. With a valuation of $1 billion plus, 30 warehouses, and an export footprint protecting 120 international locations, Moglix is now one in every of Asia’s largest and fastest-growing B2B commerce platforms.
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