Noida-based online B2B commerce platform Moglix has acquired used machinery re-selling startup Vendaxo for an undisclosed amount.
Moglix said that the acquisition is a step towards high value capital goods at economical prices for manufactures.
Vendaxo, founded in 2017 by Nirat Patel and Poonam Chaudhary, provides used machinery liquidation solutions to micro, small and medium enterprises and large manufacturing enterprises such as the likes of Siemens, Arvind India, Marico, Raymond and Torrent Pharma.
“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.” Poonam Choudhary, founder, Vendaxo, said.
The used machines marketplace has a user base of 40,000 and over 31,000 stock keeping units. Moglix looks to tap into the used machinery market in the country, which currently is valued at Rs 64,000 crore.
“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.” CEO Rahul Garg, who founded Moglix in 2015, said.
Moglix has raised a total of $222.2 million over 7 funding rounds since its inception. In May this year the company joined the unicorn club with a valuation of $1billion after a series E funding round of $120 million led by Falcon Edge Capital and Harvard Management Company (HMC).
Moglix currently has 30 warehouses, and exports its products to over 120 countries.