INSUBCONTINENT EXCLUSIVE:
Valued at $2.6 billion, Moglix claims to provide services to over 1,000 large manufacturers and more than 3,000 factories
Photo: Bloomberg1 min read Last Updated : Sep 20 2024 | 4:09 PM IST
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
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.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content
is auto-generated from a syndicated feed.)First Published: Sep 20 2024 | 4:08 PMIST
