Move is a step towards creating a sustainable, capital-efficient manufacturing ecosystem; Moglix aims to provide access to high-value capital goods at economical prices to manufacturers
Moglix in its quest to build the operating system for the manufacturing sector has acquired Vendaxo, an e-commerce platform for buying and selling of used machinery. This move by Moglix, the industrial business-to-business unicorn for manufacturing, is a step towards creating a sustainable and capital-efficient manufacturing ecosystem. Through the acquisition, Moglix wants to provide access to high value capital goods at economical prices to manufacturers.
“We are excited to welcome Vendaxo into the Moglix ecosystem,” said Rahul Garg, founder and CEO, Moglix. “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 E-Commerce to the manufacturing sector.”
The company did not reveal the details financial information about the acquisition.
Founded in 2017, Vendaxo is a B2B e-commerce platform that provides used machinery liquidation solutions to MSMEs (micro, small and medium enterprises) and large manufacturing enterprises such as Siemens, Arvind India, Marico, Raymond, and Torrent Pharma. The used machines and equipment marketplace enables 40 thousand users to buy and sell from its verified listings of 31 thousand SKUs (stock keeping units) through its digitally enabled and secured escrow process. India’s used machinery market is close to Rs 64,000 crore and is a critical lever for driving sustainable manufacturing in the country.
“We are delighted to join the Moglix platform,” said Poonam Choudhary, Founder, Vendaxo. “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 is now one of Asia’s largest and fastest-growing B2B commerce platforms.
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