Noida-based B2B commerce platform Moglix has acquired Vendaxo, an ecommerce platform for buying and selling of used machinery. The Ratan Tata-backed Unicorn described the acquisitions as a step towards creating a sustainable and capital efficient manufacturing ecosystem and said it wants to provide access to high value capital goods at economical prices to manufacturers.
Speaking on the acquisition, Rahul Garg, Founder and 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 ecommerce to the manufacturing sector.”
Founded in 2017, Vendaxo is a B2B e-commerce platform 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.
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.”
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Last month, Moglix raised $120 million (about ₹878.8 crore) in funding from Falcon Edge Capital, Harvard Management Company (HMC) and others, placing the industrial B2B e-commerce platform in the unicorn club. With a valuation of $1 billion plus, 30 warehouses, and an export footprint covering 120 countries, Moglix aims to digitally transform the supply chain of the manufacturing sector in India.
