Sequoia-backed marketplace Moglix acquires e-commerce firm Vendaxo
Category: #business  By Mateen Dalal  Date: 2021-07-09
  • share
  • Twitter
  • Facebook
  • LinkedIn

Sequoia-backed marketplace Moglix acquires e-commerce firm Vendaxo

Moglix, a India-based e-commerce platform for industrial products, has reportedly acquired Vendaxo, a platform designed to allow buying and selling of used machinery. With this acquisition, Moglix plans to provide manufacturers access to high-value capital goods at affordable prices. The initiative is also a step towards establishing a long-term, capital-efficient business ecosystem.

For the record, Vendaxo is a B2B e-commerce platform that offers used machinery liquidation services to micro, small and medium enterprises (MSMEs) and large manufacturing companies, including Arvind India, Siemens, Raymond, Torrent Pharma, and Marico.

The used machines and equipment marketplace allows 40,000 users to buy and sell from its listings of 31,000 stock-keeping units (SKUs) through its technologically driven and secured escrow process. The secondhand machinery market in India accounts to Rs 64,000 crore, and it is a vital factor for pushing sustainable manufacturing.

Rahul Garg, CEO & Founder, Moglix, stated that they are pleased to welcome Vendaxo into the Moglix ecosystem. They established Moglix to bring high-quality, low-cost industrial products to consumers doorstep. Vendaxo's integration with the platform is in line with the goal of bringing the convenience and speed of e-commerce to the manufacturing industry.

Vendaxo’s Founder, Poonam Choudhary said that they are pleased to join the Moglix platform. With this acquisition, they will offer solutions to larger pool of customers and at a larger scale. The integration with Moglix will allow access to the later’s integrated technology suite, credit lines, distribution network, and on-ground supply chain capabilities for improved market penetration.

Sources claim that Moglix has recently added Harvard Management Company and Falcon Edge Capital as investors during a $120 million Series E round, allowing the company to enter the unicorn club.

With a market capitalization of more than $1 billion, thirty warehouses, and having a global export footprint of 120 nations, Moglix is now one of Asia's topmost and fastest-growing B2B commerce platforms.

Source Credit - https://www.business-standard.com/article/companies/moglix-acquires-used-machinery-e-commerce-firm-vendaxo-for-undisclosed-sum-121070700798_1.html

 

 

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

TPG Rise Climate Fund raises $5.4Bn to support new climate solutions
TPG Rise Climate Fund raises $5.4Bn to support new climate solutions
By Mateen Dalal

TPG Rise Climate Fund, the climate investing fund of TPG’s global impact investing platform TPG Rise, has recently raised its first close of $5.4 billion, bringing together an exclusive blend of funding from some of the top institutional invest...

Baby nutrition firm ByHeart nabs $90Mn in Series B funding round
Baby nutrition firm ByHeart nabs $90Mn in Series B funding round
By Mateen Dalal

ByHeart, a fully integrated infant nutrition company, has reportedly secured $90 million in Series B funding which the company plans to use for the launch of its baby formula and support the development of its pipeline of nutrition items for chi...

UAE extends travel ban for Indians amid strict COVID-19 guidelines
UAE extends travel ban for Indians amid strict COVID-19 guidelines
By Mateen Dalal

United Arab Emirates (UAE) has reportedly extended travel ban for individuals travelling from India and several other south Asian countries on the pretext of COVID-19 guidelines. As reported by Etihad Airlines, the ban will be followed till 31st July...