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<ul><li><keyword id="11586983" type="UNKNOWN" weightage="20" keywordseo="vendaxo">Vendaxo</keyword> is a B2B e-commerce platform for buying and selling used machinery.</li><li>It offers machinery liquidation solutions to MSMEs as well as large enterprises.</li><li>The acquisition will give Vendaxo a wider market to work with and <keyword id="3119222" type="PERSON" weightage="20" keywordseo="Moglix">Moglix</keyword>’s technology</li></ul> Business-to-business (B2B) e-commerce platform Moglix on Wednesday, July 7, announced that it has acquired Vendaxo, an e-commerce platform for buying and selling of used machinery. The acquisition will allow the company to provide high value capital goods at economical prices to manufacturers, Moglix said in its press note. The financial details of this acquisition have not been disclosed. Vendaxo is a B2B e-commerce player just like Moglix. It was founded in 2017 by Poonam Choudhary and Nirat Patel. Its users include micro, small and medium enterprises (MSMEs) as well as large manufacturing enterprises such as <keyword id="73372" type="CITY" weightage="20" keywordseo="Siemens">Siemens</keyword>, Arvind India, Marico, Raymond and Torrent Pharma. The company claims to have about 40,000 buyers and sellers registered on its platform and verified listings of 31,000 stock keeping units (SKU). Commenting on this deal, Moglix’s founder and chief executive Rahul Garg, said, “We are excited to welcome Vendaxo into the Moglix ecosystem. We started Moglix with the vision of providing doorstep access to high quality, affordable industrial products. The integration of Vendaxo with our platform is aligned with our vision to bring the ease and speed of e-commerce to the manufacturing sector.” Meanwhile, Vendaxo’s Choudhary added that the company wll be able to reach out to a larger number of users through Moglix. Besides this, the acquisition will also enable Vendaxo to integrate with Moglix’s integrated suite of technology, credit lines, distribution network, and on ground supply chain capabilities for greater market penetration.” Moglix was founded by Garg in 2015 as an e-commerce marketplace for different kinds of industrial tools such as power tools, hand tools, adhesives, and electricals. It also procures and supplies safety tools, hardware, office supplies and more to the industries. According to its previous press notes, the company is serving more than 500,000 small and medium enterprises (SMEs) and 3,000 manufacturing plants across India, Singapore, the UK and the United Arab Emirates. It also works with Hero MotoCorp, Vedanta, <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword>, <keyword id="45009" type="CITY" weightage="20" keywordseo="Unilever">Unilever</keyword> and public sector undertakings such as Air India and NTPC to help them procure indirect material through its platform. Moglix became the<a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms"> thirteenth startup</a> to enter the unicorn club this year, after raising $120 million funding at a valuation of $1 billion. A unicorn is a private company valued at or more than $1 billion. The Series E round, closed in April 2021, was led by Falcon Edge Capital and Harvard Management Company (HMC), with participation from Tiger Global, Sequoia Capital India and <keyword id="4346570" type="PERSON" weightage="20" keywordseo="Venture-Highway">Venture Highway</keyword>. SEE ALSO <a href="https://www.businessinsider.in/tech/news/a-small-hospital-assam-is-using-ai-to-detect-strokes-in-tea-planters/articleshow/84194042.cms">A small hospital in a remote corner of Assam is using AI to detect strokes in tea planters</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-pine-labs-raises-600-million-as-it-plans-to-go-public-by-2022/articleshow/84162996.cms">Payments firm Pine Labs raises $600 million as it plans to go public by 2022</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-investor-info-edge-has-invested-in-a-drone-startup-skylark/articleshow/84144201.cms">Zomato investor Info Edge has invested in a drone startup helping Swiggy make deliveries</a>

Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies

The shareholders of <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Infrastructure Limited (Reliance Infra), through postal ballot, have approved with overwhelming majority, the raising of funds upto ₹550.56 crore by preferential allotment of upto 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the Company to promoters and <keyword id="11588068" type="UNKNOWN" weightage="20" keywordseo="vfsi-holdings-pte">VFSI Holdings Pte</keyword>. Limited, an affiliate of <keyword id="11588067" type="UNKNOWN" weightage="20" keywordseo="varde-investment-partners">Varde Investment Partners</keyword>, LP. The shareholders of Reliance Infra have also approved with overwhelming majority, the raising of funds by issue of Foreign Currency Convertible Bonds (FCCB) up to 24 per cent of the than fully diluted equity share capital of the Company. The funds raised would be utilised for long term resources, for general corporate purposes and to fund future growth. Reliance Infrastructure Limited (RInfra) is one of the largest infrastructure companies, developing projects through various <keyword id="732527" type="ORGANIZATION" weightage="20" keywordseo="Special-Purpose-Vehicles">Special Purpose Vehicles</keyword> (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector. RInfra is a major player in providing Engineering and Construction (E&amp;C) services for developing power, infrastructure, metro and road projects. RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis. RInfra is also a leading utility company having presence in <keyword id="532777" type="PERSON" weightage="20" keywordseo="power-distribution-business">Power Distribution Business</keyword> in Delhi. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/tiger-global-backed-moglix-acquires-b2b-e-commerce-platform-vedaxo/articleshow/84198960.cms">Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/titans-revenue-in-the-june-2021-quarter-doubled-from-a-year-ago/articleshow/84198618.cms">Titan's revenue in June 2021 quarter doubled from a year ago when business was under complete lockdown for most part</a>

Anil Ambani's Reliance Infra, the company behind Mumbai Metro, to raise ₹550 crore for future growth

<ul><li>The round was co-led by WestBridge Capital, Alpha Wave Incubation and Z3Partners.</li><li><keyword id="7412577" type="UNKNOWN" weightage="20" keywordseo="DealShare">DealShare</keyword> has raised about $183 million to date since its inception in 2018.</li><li>It primarily focuses on sale of groceries and household essential products.</li></ul><keyword id="526777" type="COMPANY" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword> has bet big bucks on social commerce startup DealShare, which closed its $144 million (₹1,075 crore) funding round on Thursday, July 8. The round was led by the New York-based venture capital firm and was co-led by WestBridge Capital, Alpha Wave Incubation and Z3Partners. Partners of DST Global, Matrix Partners India and Alteria Capital also participated in this round. This marks the third funding deal for DealShare in a span of seven months. The company claims that its valuation has increased nine-fold in this same period. The Jaipur-based startup has not shared any other details about its valuation. Avendus acted as the exclusive financial advisor to DealShare on this transaction. The startup will use this funding to invest in artificial intelligence (AI)-driven innovations to offer more personalised experiences to its customers as well as improve and scale operations. A part of the funding would also be used for DealShare’s geographical expansion. The social commerce startup aims to increase its footprint from 20 warehouses across 5 states to over 200 warehouses across 10 states by the end of 2021. “We are proud to have a strong team of innovators who love to continually learn consumer behaviour and solve hard business problems. This has enabled DealShare to rapidly grow to $200 million GMV [Gross Merchandise Value] ARR [Annual Run Rate]... Our monthly active users already use our app over 40 times a month making it the most engaging ecommerce app and we will continue to add more innovative capabilities and services to serve a wider range of user needs,” DealShare’s chief executive and co-founder Vineet Rao said. DealShare competes with other social commerce platforms like <a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms">Meesho, CityMall and BulBul</a>, among others. Meesho entered the unicorn club in April 2021 and has raised $515 million to date from SoftBank, Facebook and others. A unicorn, in startup parlance, is a private firm valued at or more than $1 billion. Overall, DealShare has raised $183 million to date since its inception in 2018. The company was founded by Rajat Shikhar, Sankar Bora, Sourjyendu Medda and Rao. It primarily focuses on sale of groceries and household essential products through social media and messaging platforms like WhatsApp. The Jaipur-based startup claims to service 1 lakh orders on a daily basis and has marked its presence in 40 Indian cities and towns. It is now aiming to expand to over 100 cities in 2021. The company further claims to have acquired 30 lakh consumers to date. DealShare’s COO and founder Bora has emphasised that the company has over 1,000+ micro-entrepreneurs partners registered on the platform, who help sell the products online. The company targets to increase this figure to 5,000 by year end. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-ipo-to-open-on-july-14-with-shares-priced-at-72-76-apiece/articleshow/84226269.cms">Zomato IPO to open on July 14 ⁠with shares priced at ₹72-76 apiece</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-backed-moglix-acquires-b2b-e-commerce-platform-vedaxo/articleshow/84198960.cmshttps://www.businessinsider.in/business/startups/news/tiger-global-backed-moglix-acquires-b2b-e-commerce-platform-vedaxo/articleshow/84198960.cms">Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-pine-labs-raises-600-million-as-it-plans-to-go-public-by-2022/articleshow/84162996.cms">Payments firm Pine Labs raises $600 million as it plans to go public by 2022</a>

Social commerce startup DealShare raises $144 million from Tiger Global

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Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies

Kritti Bhalla

Anil Ambani's Reliance Infra, the company behind Mumbai Metro, to raise ₹550 crore for future growth

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Social commerce startup DealShare raises $144 million from Tiger Global

Kritti Bhalla

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