Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies
Vendaxois a B2B e-commerce platform for buying and selling used machinery.
- It offers machinery liquidation solutions to MSMEs as well as large enterprises.
- The acquisition will give Vendaxo a wider market to work with and
Business-to-business (B2B) e-commerce platform Moglix on Wednesday, July 7, announced that it has acquired Vendaxo, an e-commerce platform for buying and selling of used machinery.
The acquisition will allow the company to provide high value capital goods at economical prices to manufacturers, Moglix said in its press note. The financial details of this acquisition have not been disclosed.
Vendaxo is a B2B e-commerce player just like Moglix. It was founded in 2017 by Poonam Choudhary and Nirat Patel. Its users include micro, small and medium enterprises (MSMEs) as well as large manufacturing enterprises such as
The company claims to have about 40,000 buyers and sellers registered on its platform and verified listings of 31,000 stock keeping units (SKU).
Commenting on this deal, Moglix’s founder and chief executive Rahul Garg, said, “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.”
Meanwhile, Vendaxo’s Choudhary added that the company wll be able to reach out to a larger number of users through Moglix. Besides this, the acquisition will also enable Vendaxo to integrate with Moglix’s integrated suite of technology, credit lines, distribution network, and on ground supply chain capabilities for greater market penetration.”
Moglix was founded by Garg in 2015 as an e-commerce marketplace for different kinds of industrial tools such as power tools, hand tools, adhesives, and electricals. It also procures and supplies safety tools, hardware, office supplies and more to the industries.
According to its previous press notes, the company is serving more than 500,000 small and medium enterprises (SMEs) and 3,000 manufacturing plants across India, Singapore, the UK and the United Arab Emirates. It also works with Hero MotoCorp, Vedanta,
Moglix became the thirteenth startup to enter the unicorn club this year, after raising $120 million funding at a valuation of $1 billion. A unicorn is a private company valued at or more than $1 billion. The Series E round, closed in April 2021, was led by Falcon Edge Capital and Harvard Management Company (HMC), with participation from Tiger Global, Sequoia Capital India and
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