New Delhi, Dec. 4 -- Credlix, the supply chain financing platform of business-to-business e-commerce unicorn Moglix, said Thursday it has bought a majority stake in non-bank lender Vanik Finance.
The company didn't disclose financial terms of the transaction but said it will invest Rs 80 crore to expand Vanik's MSME and exporter financing capabilities.
New Delhi-based Vanik provides customized supply chain financing, including sales and purchase order funding, invoice discounting and vendor finance.
The deal will help Credlix enhance its ability to offer a wider range of secured and unsecured lending products, the company said in a release.
"This milestone helps us widen access to timely and reliable capital for MSMEs," said Rahul Garg, founder and CEO of Moglix and Credlix. "Our goal is to support the complete financial lifecycle of small and mid-sized businesses in a way that is simple, transparent, and aligned with their growth needs."
After the acquisition, Vanik will operate as a part of the Credlix brand. It will leverage advanced analytics and digital underwriting to simplify credit decisions and accelerate turnaround times.
Credlix is a part of Moglix, which counts Alpha Wave Global, Tiger Global Management among others, as its investors. It helps in strengthening its financial services capabilities for manufacturers, suppliers, and exporters across industrial sectors.
Credlix, launched in February 2021, says it enables MSMEs to access fast, collateral-free working capital. It said it has exceeded the annual run rate of credit disbursal of $100 million and claims to have financed over 26,000 invoices for 2,500-plus MSMEs across 120 cities so far.
This is its second acquisition. Previously, in 2022, it acquired trade financing focused fintech startup NuPhi for an undisclosed amount, shortly after Moglix's entry into the Middle East.
Published by HT Digital Content Services with permission from VC Circle.