Moglix invests $50 million in Credlix to support global expansion of supply chain financing

Moglix, a leading B2B e-commerce platform, has invested $50 million in its supply chain financing arm, Credlix. The move is intended to fuel Credlix’s expansion into key global markets, including the United States and Mexico.

With this capital injection, Credlix is ​​poised to strengthen its position in the international trade finance space, providing businesses with seamless access to working capital and cross-border financing solutions.

Moglix, a company focused on transforming supply chains in the manufacturing and infrastructure sectors, currently serves over 1,000 large manufacturers and over 3,000 factories with a market value of $2.6 billion.

Rahul Garg, Founder and CEO of Moglix, remains confident about the company’s growth trajectory. “We continue to grow healthily as a company. There was a healthy balance between growth and profitability last year. We are on track to break even, which should happen in the next six to nine months. As an organization, we are investing in our distribution and logistics strength, as well as our manufacturing capabilities.”

Credlix, which has already facilitated trade supply chain financing spanning more than 50 countries, is key to Moglix’s global expansion strategy. Garg emphasized Mexico’s importance to its global plans, noting its growing importance as a supply chain partner for the U.S. “Mexico became the largest supply chain partner for the U.S. ahead of China last year. As demand for alternative supply chain sources to China grows, we see India and Mexico as key players in the future of global trade,” Garg said.

Expanding into new categories is also a priority for Moglix. The company currently manages 150 product categories and close to a million SKUs. Garg hinted at the company’s future plans to include more unorganised manufacturing sectors. “We are actively exploring and expanding into five new manufacturing categories. In the next few months, you will hear more about the categories we have entered,” he added.

Moglix’s ambitious plans go beyond just geographical expansion. According to Garg, the B2B commerce landscape, while lagging behind B2C in terms of growth, is on the cusp of a major shift. “B2B is seven to eight years behind B2C, but we have always been ahead. Our presence in 40 cities allows us to scale quickly. However, B2B customers are more price-sensitive than B2C, so we are experimenting to see if B2B buyers are ready for faster delivery and the associated costs,” Garg said.

In a separate development, supply chain fintech startup Veefin made its third acquisition in three months, acquiring end-to-end digital lending platform Epikindifi in a cash-and-stock deal worth around Rs 125 crore. With this acquisition, Veefin aims to grow its customer base from 55 to over 500 by the end of the current fiscal year, and also add new revenue streams.

In an interview with CNBC-TV18, Raja Debnath, co-founder of Veefin Group, elaborated on the strategic rationale behind the acquisition. He highlighted the quality and experience of Epikindifi’s founding team, noting that the three co-founders had managed a combined 2,500 people during their tenure at Infosys. “One of the primary reasons we acquired Epikindifi is the quality of the co-founders we bring on board,” Debnath said. He also noted that Epikindifi’s product module on the lending side has outperformed Veefin’s existing module, scoring 9.8 out of 10 compared to Veefin’s 9 out of 10. As a result, Veefin plans to phase out its own module and exclusively adopt Epikindifi’s technology.

Additionally, Epikindifi has acquired 35 active customers by offering cross-selling opportunities to Veefin’s supply chain finance solutions.

Debnath also highlighted a key challenge in the Indian supply chain finance sector: only 10% of potential financing is being utilised. The root problem, he explained, lies in fragmented data, where purchase orders, invoices and insurance are siloed, preventing banks from accessing the information they need. Veefin strategically addressed this gap through a series of acquisitions.

Earlier, Veefin acquired TaxGenie, a platform that processed Rs 67,000 crore worth of invoices last year, handling 20,000 invoices per day. This acquisition significantly strengthened Veefin’s invoice processing capabilities. Veefin’s second acquisition was the Indian arm of Nityo, a global group with 44 companies and $3 billion in revenue. With this acquisition, Veefin added 375 employees and gained access to Nityo’s global network, enabling the company to offer supply chain financing solutions in 44 countries.

In addition, Apurwa Masook, CEO of SpaceFields, shared insights on the startup’s recent achievement of successfully firing the country’s first aerospike engine. The static test, conducted at the company’s propulsion facility, involved a 168 mm diameter rocket engine. Founded in 2021, SpaceFields specializes in custom-designed, turnkey solid rocket propulsion solutions.

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