One of India’s rare success stories in the massively difficult B2B ecommerce space, Moglix has announced that it has acquired Singapore-based fintech startup ‘NuPhi’. NuPhi is a rather niche fintech startup, that provides invoice factoring solutions to MSME exporters in India and SouthEast Asia. Founded in 2019, NuPhi offers cross border financing and SaaS applications to digitalise & automate EXIM workflows.
Moglix has acquired NuPhi through its digital supply chain financing platform Credlix, under which it would integrate the latter.
Speaking on the acquisition, Moglix CEO & Founder Rahul Garg said “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 for credit access to MSMEs that is a key bottleneck in the global manufacturing supply chain.”
NuPhi co-founder Pramit Joshi adds, ‘’We are at the cusp of growth in manufacturing led exports from the country and there is a compelling need for tech led EXIM financing solutions. With the Moglix ecosystem, we become perhaps the only financing company in India that can leverage the synergies from an integrated B2B commerce business – from procurement to invoicing and financing.
Moglix has seen tremendous growth over the past few years, a growth that was further accelerated by the deadly COVID-19 pandemic. As COVID forced businesses to accelerate their digital transition at an unprecedented pace, Moglix saw massive uptake of its platform, thanks to an integrated digital B2B offering. It has a supply chain network of 16,000 suppliers, over 35 warehouses, and an advanced logistics infrastructure.
Moglix’s revenue rose from ₹62.4 crores to ₹217 crores during FY19 and has an annual revenue of $120 million. It was the pandemic that boosted its services as companies preferred online mediums to buy supplies. Moglix further supplemented its usual services with selling items like gloves, masks, and Personal Protective Equipment (PPE) kits, which have become a must, in a post-pandemic world.
As for Credlix, Moglix claims that its financing vertical has already exceeded the annual, $100Mn run rate of credit disbursal since its February 2021 launch. The company has thus far financed 26,000+ invoices for 2,500+ MSMEs across 120 cities. The clientele of Credlix includes manufacturing leaders from diverse industry verticals such as metals, fashion, retail, and hospitality among others.
Moglix recently turned unicorn, raising $120Mn in a May 2021 round. The fundraise was led by Falcon Edge Capital and Harvard Management Company (HMC), with participation from existing investors such as Tiger Global, Sequoia India, and Venture Highway.