M&A

M&A

Moglix’ digital lending arm Credlix acquires NBFC Vanik Finance for Rs.80-Cr

Credlix, the lending subsidiary of Singapore-headquartered Moglix, an e-commerce portal for industrial goods, has invested INR 80 crore in Delhi-based non-banking finance company (NBFC) Vanik Finance for a two-thirds stake.Credlix was working as a loan sourcing platform and was operating as a partner to Vanik Finance. The company has received the required approvals from RBI to acquire the stake and thereby convert into a regulated entity. Now, armed with the NBFC licence, the company will start building its own loan book.