B2B commerce company Moglix has announced its foray into the supply chain financing space launching its digital platform Credlix. The platform provides quick collateral-free working capital solutions, exclusively to its suppliers, pan-India through its collaboration with banks. Currently, the service is available to its 15,000+ suppliers, most of whom are MSMEs.
Credlix helps in access to collateral-free credit from enterprise buyers and banks/NBFCs through invoice discounting. Suppliers will be able to request for early payments from enterprise buyers at affordable discount rates to keep their supply chain up and running. It allows suppliers to monitor all stages of invoice discounting and stay in control of their cash conversion cycle. From credit application and credit risk assessment to payment approval and final disbursement, suppliers will get a single platform to manage their early payment requests.
Rahul Garg, Founder & CEO, Moglix said in a statement, “MSMEs in India account for 11 crore jobs and 29% of the country’s GDP. Unclogging the cash flow through the supply chain will be integral to fostering winning partnerships between MSME suppliers and large enterprise buyers and realizing the Government of India’s vision for Aatmanirbhar Bharat. Credlix is on track to provide invoice discounting of Rs 1000 crore over the next 12 months and is aiming to touch Rs 10,000 crore discounting value over the next three years by scaling up to include more banks, suppliers, and geographies.”