Moglix-owned Credlix acquires Singapore-based EXIM fintech startup NuPhi
Credlix, the digital supply chain financing platform from Moglix, the industrial business-to-business firm for manufacturing, has entered the EXIM financing space, with its acquisition of NuPhi. The acquisition comes shortly after Moglix’s entry into the Middle East region. As Moglix continues to expand globally, it is focusing on strengthening its supply chain financing solutions to enable manufacturers easy access to cash flow for their growth.
Moglix has been working with suppliers and manufacturers across more than 120 countries. As part of its Covid-19 response, Moglix supported PPE and medical equipment deliveries to organizations to mitigate global supply chain disruptions in 53 countries. The value of the transactions was not revealed by the firms. Credix has now grown its supply chain financing business to $100 million.
“As we continue to grow across verticals and geographies, we are building a single operating system for B2B commerce in the manufacturing sector,” said Rahul Garg, CEO and Founder, Moglix, Rahul Garg. “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 is a Singapore based fintech start-up offering invoice factoring solutions to MSME exporters in India and Southeast Asia. Founded in 2019, by Pramit Joshi and Mayur Totla, NuPhi offers cross border financing and SaaS applications to digitalise and automate EXIM workflows.
“We are excited to be a part of Credlix and solve the large unmet credit demand of exporter MSMEs in India and Southeast Asia,” said Pramit Joshi Co-Founder, NuPhi. “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.”
Credlix, launched in February 2021, has already exceeded the annual run rate of credit disbursal of $100 Million. The company has thus far financed over 26,000 invoices for more than 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.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
