Moglix-Owned Credlix Acquires Majority Stake In NBFC Vanik Finance

Credlix, the supply chain financing arm of B2B ecommerce unicorn Moglix has acquired a majority stake in Delhi-based NBFC Vanik Finance for around INR 80 Cr (about $8.9 Mn). 

“Vanik Finance will now operate fully under the Credlix brand, leveraging advanced analytics and digital underwriting to simplify credit decisions and accelerate turnaround times,” Moglix said in a statement. 

The acquisition will help Credlix expand its credit offerings for MSMEs and homegrown exporters. Vanik Finance claims to provide supply chain financing in under 24 hours without the need for any “hard collateral”. Earlier, it was a partner with Credlix. 

Credlix was launched in 2021 by Moglix and leverages the large B2B commerce ecosystem of its parent company to provide supply chain financing solutions to 700 enterprises and 16,000 SMEs in India, Singapore, the US, Mexico, and the UAE.

It provides working capital solutions to MSMEs and exporters through its digital lending application. Its offerings include PO financing, loans on sales invoices, export and import financing, and various other solutions to strengthen cash flow of MSMEs. 

Last year, Moglix infused $50 Mn (about INR 417.5 Cr) in Credlix to fuel its expansion into the US and Mexico markets. Credlix claims to have served more than 5,000 MSMEs and disbursed $500 Mn in credit to date. 

Meanwhile, Moglix, founded by Rahul Garg in 2015, sells electrical supplies, power tools, motors, medical supplies, among others, through its online platform. The startup entered the unicorn club in 2021 when it raised $120 Mn in its Series E funding round led by Falcon Edge Capital and Harvard Management Company (HMC).

The unicorn is eyeing a public listing in 2026 or 2027 and is looking to redomicile and reverse flip to India ahead of it. While Moglix earns a majority of its revenue from India, it also has operations in Southeast Asia, the UAE, and North America, and is attempting to further expand its global presence.

On the financial front, Moglix’s revenue rose 15% to $681.5 Mn in FY25 from $591 Mn in the previous year. It also managed to reduce its net loss to $11.3 Mn during the year from $21.7 Mn in FY24.