Grows Supply Chain Financing Business to $100 Million
Mumbai, 15th November 2021: Credlix, the digital supply chain financing platform from Moglix, 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 COVID19 response, Moglix supported PPE and medical equipment deliveries to organizations to mitigate global supply chain disruptions in 53 countries.
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 & automate EXIM workflows.
Elaborating on the decision to enter EXIM financing through the acquisition of NuPhi, CEO & Founder, Moglix, 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.”
Speaking on its integration with Credlix, Pramit Joshi Co-Founder, NuPhi, said ‘’We are excited to be a part of Credlix and solve the large unmet credit demand of exporter MSMEs in India & SE Asia. 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 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.