Moglix invests $50 million in Credlix for expansion in US and Mexico
Moglix, valued at $2.6 billion, claims to serve more than 1,000 large manufacturers and over 3,000 factories. Photo: Bloomberg
B2B e-commerce unicorn Moglix on Friday announced plans to invest $50 million to support the expansion of its supply chain financing subsidiary, Credlix, into the US and Mexico.
Credlix provides collateral-free financing solutions that improve cash flow, reduce financial burdens and enable SMBs to scale their operations in the US and Mexico.
“Credlix has announced its expansion into the US and Mexico, backed by $50 million in funding from Moglix,” the company said in a statement.
“The decision to invest has been taken within this financial year. The investment will be executed in a phased manner within the year. Additionally, Moglix will continue to invest for the long term,” said Moglix Founder and CEO Rahul Garg.
Credlix’s expansion focuses on the manufacturing sector, including key industries such as automotive, textiles and apparel, aerospace components, industrial and consumer chemicals, agricultural products and electronics, the statement said.
“Just as we have supported manufacturing and infrastructure companies in India, Credlix’s expansion into Mexico will enable SMEs to overcome financial challenges and take advantage of opportunities in a dynamic global trading environment,” said Garg.
Moglix, valued at $2.6 billion, claims to serve over 1,000 large manufacturers and over 3,000 factories.
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First publication: Sep 20, 2024 | 4:08 PM IST