B2B Commerce Unicorn Moglix Acquires Vendaxo; A Marketplace for Used Machinery
- 07.07.2021 09:45 am
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 the B2B commerce Unicorn 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.
Founded in 2017, Vendaxo is a B2B e-commerce platform that provides used machinery liquidation solutions to MSMEs 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 through its digitally enabled and secured escrow process. India’s used machinery market is close to INR 64,000 Crores and is a critical lever for driving sustainable manufacturing in the country.
Speaking on the acquisition of Vendaxo, Rahul Garg, Founder & CEO, Moglix said “We are excited to welcome Vendaxo into the Moglix ecosystem. 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.”
Poonam Choudhary, Founder, Vendaxo while responding to the development said “We are delighted to join the Moglix platform. 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 USD 120 million Series E fundraise last month to break into the unicorn club. With a valuation of USD 1 billion plus, 30 warehouses, and an export footprint covering 120 countries, Moglix is one of Asia’s largest and fastest-growing B2B commerce platforms.