B2B commerce corporation Moglix explained it has acquired Vendaxo, an e-commerce system for shopping for and advertising utilised machinery. Although monetary particulars of the transaction were not disclosed, Tiger World wide-backed Moglix explained it desires to give entry to substantial-value money items at cost-effective costs to brands as a result of this acquisition.
Started in 2017, Vendaxo is a B2B e-commerce system that delivers used equipment liquidation alternatives to MSMEs and large producing enterprises this kind of as Siemens, Arvind India, Marico, Raymond, and Torrent Pharma.
The employed devices and machines marketplace permits 40,000 end users to buy and provide from its confirmed listings of 31 thousand SKUs by way of its digitally enabled and secured escrow method. India’s applied machinery current market is estimated to be value about Rs 64,000 crore.
“We are fired up to welcome Vendaxo into the Moglix ecosystem. We started Moglix with the vision of delivering doorstep accessibility to high quality, inexpensive industrial products and solutions. The integration of Vendaxo with our system is aligned with our eyesight to carry the ease and speed of E-Commerce to the producing sector,” Moglix founder and CEO Rahul Garg said in a statement.
Moglix had elevated $120 million in sequence E fundraise past thirty day period, getting into the unicorn club (valuation of $1 billion).
Launched in 2015, Moglix supplies methods to additional than 5 lakh SMEs and 3,000 manufacturing crops across India, Singapore, the British isles and UAE. It has a provide chain community of about 16,000 suppliers and far more than 35 warehouses and logistics infrastructure.
“By way of Moglix, we will be in a position to offer methods to a bigger range of prospects and on a a great deal greater scale.
“Our integration with Moglix will aid obtain to Moglix’s built-in suite of technological innovation, credit score traces, distribution community, and on-floor provide chain capabilities for increased industry penetration,” Vendaxo founder Poonam Choudhary claimed.