Credlix, the digital supply chain financing platform from Moglix, on Monday, said it has acquired trade financing focused fintech startup NuPhi for an undisclosed amount.
The acquisition comes shortly after Moglix’s entry into the Middle East. The company said it is focusing on strengthening its supply chain financing solutions to allow manufacturers easy access to cash flow for their growth.
Singapore-based NuPhi Technologies offers invoice factoring solutions to micro, small and medium enterprises (MSME) exporters in India and Southeast Asia. Founded in 2019 by Pramit Joshi and Mayur Totla, NuPhi provides cross-border financing and SaaS applications to digitalise and automate EXIM (export-import) workflows.
“As we continue to grow across verticals and geographies, we are building a single operating system for B2B commerce in the manufacturing sector. We are simplifying the flow of goods and value through our global supply chain to improve the ease of doing business. In NuPhi, we have found a great team that is passionate about solving the credit access issue to MSMEs, which is a key bottleneck in the global manufacturing supply chain,” Rahul Garg CEO & founder, Moglix said in a statement.
Launched in February 2021, Credlix said it has exceeded the annual run rate of credit disbursal of $100 million. The company said it has financed over 26,000 invoices for 2,500-plus MSMEs across 120 cities.
Founded by IIT Kanpur and ISB alumnus Rahul Garg, Moglix, which is operated by Mogli Labs (India) Pvt Ltd, provides a full-stack service covering procurement, packaging, supply chain financing, and highly integrated software. It caters to 500,000 small and medium enterprises (SMEs) and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. It has a supply chain network of over 16,000 suppliers, more than 35 warehouses and logistics infrastructures.
Moglix said it has been working with suppliers and manufacturers across more than 120 countries. As part of its COVID19 response, it supported PPE and medical equipment deliveries to organisations to mitigate global supply chain disruptions in 53 countries.
In June, Moglix acquired used machinery reselling startup Vendaxo for an undisclosed amount. The company said the acquisition is a step towards offering high-value capital goods at economical prices to manufactures.
In May, Moglix joined the unicorn club with $120 million (Rs 878 crore) Series E funding led by Falcon Edge and Harvard Management.
India has churned out unicorns at a record pace this year, despite the pandemic. Fintech firm Cred, epharmacy Pharmeasy, social networking platform ShareChat, a marketplace for construction materials Infra.Market and messaging app Gupshup were among other startups that turned unicorns this year.
