Moglix invests $50M in Credlix to boost global supply chain finance expansion

Moglix, a leading B2B e-commerce platform, has made a $50 million investment in its supply chain finance division, Credlix. This investment aims to boost Credlix’s expansion into key global markets, including the United States and Mexico.

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

Moglix, which focuses on transforming supply chains for the manufacturing and infrastructure sectors, currently supports over 1,000 large manufacturers and over 3,000 factories, with a valuation 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. Last year, there was a healthy balance between growth and profitability. We are well on our way to break even, which should happen in the next six to nine months. As an organization, we are investing in our distribution and logistics capabilities as well as manufacturing capabilities.”

Credlix, which has already facilitated the financing of commercial supply chains spanning over 50 countries, is central to Moglix’s global expansion strategy. Garg highlighted the importance of Mexico in its global plans, noting its growing significance as a supply chain partner for the US. “Mexico became the largest supply chain partner for the US ahead of China last year. With the growing need for alternative supply chain sources for China, we see India and Mexico as key players in the future of global trade,” Garg said.

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

Moglix’s ambitious plans go beyond geographic expansion. According to Garg, the B2B commerce landscape, while lagging behind B2C in terms of development, is on the cusp of major changes. “B2B has been seven or eight years behind B2C commerce, 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 customers, so we are experimenting to see if B2B buyers are ready for faster delivery and the associated costs,” Garg said.

Separately, supply chain fintech startup Veefin has made its third acquisition in three months by acquiring end-to-end digital lending platform Epikindifi in a cash-and-equity exchange deal valued at approximately Rs 125 crore. With this acquisition, Veefin is set to expand its customer base from 55 to over 500 by the end of the current financial year, while adding new revenue streams.

In an interview with CNBC-TV18, Raja Debnath, co-founder of Veefin Group, explained the strategic logic behind the acquisition. He highlighted the quality and experience of Epikindifi’s founding team, noting that the three co-founders had collectively managed 2,500 people during their tenure at Infosys. “One of the first reasons we acquired Epikindifi is because of the quality of the co-founders we are bringing on board,” Debnath said. He also noted that Epikindifi’s product module on the lending side 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 35 active customers, providing cross-selling opportunities for Veefin’s supply chain finance solutions.

Debnath also highlighted a key challenge in India’s supply chain finance sector: only 10% of potential financing is being tapped. The main problem, he explained, lies in data fragmentation, where purchase orders, invoices and subscriptions are siloed, preventing banks from accessing the information they need. Veefin has strategically addressed this gap through a series of acquisitions.

Previously, Veefin acquired TaxGenie, a platform that processed invoices worth Rs 67 billion last year, handling 20,000 invoices daily. This acquisition has significantly strengthened Veefin’s invoice processing capabilities. Veefin’s second acquisition was the Indian subsidiary of Nityo, a global group with 44 companies and a turnover of $3 billion. Through this acquisition, Veefin added 375 employees and gained access to Nityo’s global network, enabling it to offer its supply chain finance solutions to 44 countries.

Additionally, Apurwa Masook, CEO of SpaceFields, provided insights into the startup’s recent achievement with a successful hot fire test of the country’s first aerospike engine. This static test, conducted at the company’s propulsion facility, involved the 168mm rocket motor. Founded in 2021, SpaceFields specializes in turnkey and custom-designed solid rocket propulsion solutions.

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