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