B2B commerce company Moglix said it has acquired Vendaxo, an e-commerce platform for buying and selling used machinery. While financial details of the transaction were not disclosed, Tiger Global-backed Moglix said it wants to provide access to high-value capital goods at economical prices to manufacturers through this acquisition. 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 40,000 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 estimated to be worth about Rs 64,000 crore. “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,” Moglix founder and CEO Rahul Garg said in a statement.
Moglix had raised $120 million in series E fundraise last month, entering the unicorn club (valuation of $1 billion).
Founded in 2015, Moglix provides solutions to more than 5 lakh SMEs and 3,000 manufacturing plants across India, Singapore, the UK and UAE. It has a supply chain network of over 16,000 suppliers and more than 35 warehouses and logistics infrastructure.
“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,” Vendaxo founder Poonam Choudhary said.