New Delhi: Moglix in its quest to build the operating system for the manufacturing sector has acquired Vendaxo, an e-commerce platform for buying and selling of used machinery.
This move by the B2B commerce Unicorn is a step towards creating a sustainable and capital efficient manufacturing ecosystem. Through the acquisition, Moglix wants to provide access to high value capital goods at economical prices to manufacturers.
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 thousand 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 close to INR 64,000 Crores and is a critical lever for driving sustainable manufacturing in the country.
Moglix has recently onboarded Falcon Edge Capital and Harvard Management Company as investors during a USD 120 million Series E fundraise last month to break into the unicorn club.
With a valuation of USD 1 billion plus, 30 warehouses, and an export footprint covering 120 countries, Moglix is one of Asia’s largest and fastest-growing B2B commerce platforms.