Latest news with #Moglix
Yahoo
13 hours ago
- Business
- Yahoo
India–Mexico Trade Corridor: Credlix Launches India Sourcing to Strengthen Bilateral Trade and Financing for Mexican Manufacturers
Introduced at the Embassy of India event in Mexico, the initiative deepens economic collaboration between the two countries MEXICO CITY, June 24, 2025--(BUSINESS WIRE)--Credlix, a global fintech platform for cross-border supply chain financing, has announced the launch of its India–Mexico Connect service. This new offering enables Mexican buyers to source industrial products directly from Indian manufacturers via the deep B2B network of Moglix—Credlix's parent company—while accessing seamless, collateral-free trade financing. This marks the first time an Indian B2B startup is introducing such a service in Mexico, strengthening collaboration between Mexican importers and Indian exporters, and accelerating supply chain diversification for Mexican businesses. The service was formally introduced at the IndMex Chamber event hosted by the Embassy of India in Mexico on Thursday, June 19, in the presence of H.E. Pankaj Sharma, Ambassador of India to Mexico. Organized by the Trade and Commerce Council of India and Mexico (IndMex), the event convened key stakeholders from business, trade, and diplomacy to foster stronger bilateral ties. "With the launch of India Sourcing for Mexico, we are enabling a new chapter in India–LATAM trade," said Rahul Garg, Founder & CEO of Moglix and Credlix. "As Mexico grows as a nearshoring hub and India expands its manufacturing base, this initiative bridges both supply and capital gaps, creating stronger global value chains." Ambassador Dr. Pankaj Sharma, along with Daniel Becker Feldman, CEO of Banco Mifel, emphasized the shift from diplomatic goodwill to concrete business outcomes. Dr. Sharma reiterated the growing momentum in bilateral cooperation and stressed the importance of enabling tangible economic engagement. Becker Feldman highlighted Mexico's untapped potential in digital finance, noting that "over half of Mexican transactions remain cash-based," and praised India's digital payments infrastructure as a model Banco Mifel already leverages. Through India–Mexico Connect, Mexican buyers can access a wide range of industrial products—including automotive components, engineering goods, chemicals, bulk packaging, textiles, and electronics—from over 20,000 Indian suppliers in the Moglix network. Backed by Credlix's invoice-based export financing, these imports are eligible for up to 90% working capital at the time of shipment, all without collateral. The platform addresses long-standing challenges such as payment security, sourcing complexity, and limited access to trade finance. By integrating procurement and financing into a digital-first platform, it delivers a frictionless cross-border trade experience. Aligned with global trends such as China+1 diversification, nearshoring, and Indo-Pacific economic cooperation, this initiative aims to rapidly grow the relatively smaller USD 11 billion trade between India and Mexico, which stands in sharp contrast to Mexico's USD 120 billion trade with China. India–Mexico Connect positions India as a reliable sourcing partner and Credlix as the financial backbone of this evolving trade corridor. View source version on Contacts Genette Herrera, Associate Director, Credlix, +52 55 4544 9526 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
13 hours ago
- Business
- Business Wire
India–Mexico Trade Corridor: Credlix Launches India Sourcing to Strengthen Bilateral Trade and Financing for Mexican Manufacturers
BUSINESS WIRE)--Credlix, a global fintech platform for cross-border supply chain financing, has announced the launch of its India–Mexico Connect service. This new offering enables Mexican buyers to source industrial products directly from Indian manufacturers via the deep B2B network of Moglix —Credlix's parent company—while accessing seamless, collateral-free trade financing. This marks the first time an Indian B2B startup is introducing such a service in Mexico, strengthening collaboration between Mexican importers and Indian exporters, and accelerating supply chain diversification for Mexican businesses. The service was formally introduced at the IndMex Chamber event hosted by the Embassy of India in Mexico on Thursday, June 19, in the presence of H.E. Pankaj Sharma, Ambassador of India to Mexico. Organized by the Trade and Commerce Council of India and Mexico (IndMex), the event convened key stakeholders from business, trade, and diplomacy to foster stronger bilateral ties. 'With the launch of India Sourcing for Mexico, we are enabling a new chapter in India–LATAM trade,' said Rahul Garg, Founder & CEO of Moglix and Credlix. 'As Mexico grows as a nearshoring hub and India expands its manufacturing base, this initiative bridges both supply and capital gaps, creating stronger global value chains.' Ambassador Dr. Pankaj Sharma, along with Daniel Becker Feldman, CEO of Banco Mifel, emphasized the shift from diplomatic goodwill to concrete business outcomes. Dr. Sharma reiterated the growing momentum in bilateral cooperation and stressed the importance of enabling tangible economic engagement. Becker Feldman highlighted Mexico's untapped potential in digital finance, noting that 'over half of Mexican transactions remain cash-based,' and praised India's digital payments infrastructure as a model Banco Mifel already leverages. Through India–Mexico Connect, Mexican buyers can access a wide range of industrial products—including automotive components, engineering goods, chemicals, bulk packaging, textiles, and electronics —from over 20,000 Indian suppliers in the Moglix network. Backed by Credlix's invoice-based export financing, these imports are eligible for up to 90% working capital at the time of shipment, all without collateral. The platform addresses long-standing challenges such as payment security, sourcing complexity, and limited access to trade finance. By integrating procurement and financing into a digital-first platform, it delivers a frictionless cross-border trade experience. Aligned with global trends such as China+1 diversification, nearshoring, and Indo-Pacific economic cooperation, this initiative aims to rapidly grow the relatively smaller USD 11 billion trade between India and Mexico, which stands in sharp contrast to Mexico's USD 120 billion trade with China. India–Mexico Connect positions India as a reliable sourcing partner and Credlix as the financial backbone of this evolving trade corridor.
Mint
17 hours ago
- Business
- Mint
Moglix's ₹600-cr war chest: What this unicorn is buying before its India IPO
Gift this article Accel-backed Moglix has earmarked ₹ 500-600 crore for acquisitions in FY26, as the online B2B marketplace for industrial tools and equipment aims to expand its product categories, with a particular focus on traditional manufacturing businesses in sustainable packaging and related sectors, a top company official official told Mint. Accel-backed Moglix has earmarked ₹ 500-600 crore for acquisitions in FY26, as the online B2B marketplace for industrial tools and equipment aims to expand its product categories, with a particular focus on traditional manufacturing businesses in sustainable packaging and related sectors, a top company official official told Mint. This initiative comes as the Singapore-headquartered unicorn prepares for a public listing in India in about two years. The startup—valued at $2.6 billion—has already spent close to ₹ 200 crore in the last two years towards acquiring manufacturing businesses and distributors, in a bid to strengthen its industrial procurement network. Its latest purchase was Uttarakhand-based paper manufacturer Khatema Fibres for ₹ 80 crore in November last year. 'We currently have over 150 categories and there is a multitude of opportunities in distribution and manufacturing. We are broad-based in terms of acquisition and will make a choice when we find the right asset in any category," Rahul Garg, founder and chief executive of Moglix, said in an interview. Most of Moglix's acquisitions are likely to be traditional manufacturing business as a large chunk of the industrial equipment industry is fragmented and unorganized, according to Garg. 'Both distribution and manufacturing are relatively traditional sectors and that is a primary target for us. We continue to operate in physical plus digital space so we have acquired distribution companies. We also continue to invest in building manufacturing plants." Packaging is already among Moglix's top 10 categories and has immense potential for growth, Garg noted. 'I believe it could become a ₹ 1,000-crore category in the next few years—it's already nearing ₹ 500 crore." Business-to-business (B2B) marketplaces that are online-first and technology-enabled are expected to represent a market opportunity of $200 billion by 2030 from $20 billion in 2022, according to estimates by Bessemer Venture Partners. Founded in 2015 by Garg, a former Google executive, Moglix has raised over $370 million to date. Backed by Tiger Global, Accel and Alpha Wave Global, Moglix competes with IPO-bound OfBusiness, and Zetwerk in the industrial supplies space. OfBusiness, currently valued at around $5 billion, has appointed Axis, JP Morgan, and Citi Bank as bankers for its upcoming $1-billion public issue, according to a Reuters report. Zetwerk is reportedly eyeing an IPO in the first half of 2025, aiming to raise as much as $1 billion. In March, Moglix appointed Sanjeev Arora as chief financial officer to focus on capital planning and prepare the company to enter the public markets. The firm will accelerate its IPO plans including initiating conversations with bankers towards the end of this year, with the aim of going public in less than two years, Garg said. In FY24, Moglix focused on balancing growth and profitability. Its revenue rose marginally to ₹ 4,964 crore from ₹ 4,704 crore the previous year, while losses eased to ₹ 189 crore. Moglix's revenue and profit improved year-on-year in the fiscal year ended March 2025, Garg said, without revealing exact figures as the financial statements are yet to be filed with the Registrar of Companies (ROC). The company ramped up its use of technology during the year, automating customer service and internal operations to improve efficiency—a move Garg believes will yield long-term benefits. Topics You May Be Interested In
