Credlix, Moglix’s subsidiary launched in 2021, will use the funds to offer supply chain financing solutions to SMEs in the region. 

“Our collateral-free, digital-first approach is designed to support the growth of exporters and help them make the most of strong nearshoring tailwinds that Mexico is experiencing,” said Yash Mahendra, Americas Market Leader at Credlix. 

This move forms part of Moglix’s effort to widen its international reach. The company has already built a strong presence in the US and hopes that the move will encourage trade between America and developing markets and “empower global supply chains,” said Rahul Garg, Moglix’s Founder and CEO. 

The decision to expand to Mexico stems from the country’s close trade ties to the US, which experts say will only grow as practices like nearshoring, aimed at reducing the risk of supply chain disruptions, become more widespread. 

Mexico became the US’s largest exporter this year, surpassing China for the first time ever, as many Chinese companies are moving operations to Mexico to avoid US government restrictions. Trade from China to Mexico grew by 33% just in the first half of 2024, amid fears that the US will enact more aggressive protectionist trade policies, and is projected to grow even more in the coming months. 

Credlix is taking advantage of its strategic position as an Indian company with strong ties to the US, and expects its influx of financing to strengthen supply chain partnerships between the three countries. 

This investment forms part of Moglix’s global expansion strategy: the e-commerce platform, currently valued at $2.6 billion, sells products to infrastructure and manufacturing firms to help strengthen their supply chains, and hopes to expand its operations to more emerging economies globally.

“Credlix expansion into Mexico is a strategic move aimed at enabling exporters to overcome financial obstacles and prosper in the dynamic trading landscape,” said Garg.