B2B industrial goods marketplace Moglix has acquired Vendaxo, an e-commerce platform for buying and selling used machinery.
According to Moglix, the acquisition would help it give manufacturers access to high-value capital goods at economical prices.
Four-year-old Vendaxo is a B2B e-commerce platform just like Moglix. Founded by Poonam Choudhary and Nirat Patel, the company provides used machinery liquidation solutions to MSMEs and large manufacturing enterprises such as Siemens, Arvind India, Marico, Raymond, and Torrent Pharma.
The development comes soon after the entry of Moglix in the unicorn club. The Rahul Garg-led company recently mopped up a $120 million round led by Falcon Edge Capital and Harvard Management Company.
The Tiger Global-backed company deals in the industrial & MRO procurement space with full-stack service covering procurement, packaging, supply chain financing and integrated software. It claims to have about 40,000 buyers and sellers registered on its platform and verified listings of 31,000 stock keeping units.