Moglix Buys Paper Products Maker Khatema Fibres For INR 80 Cr

SUMMARY

With this deal, Moglix seeks to spice up its sustainable packaging portfolio and strengthen its management within the industrial procurement phase

By means of its integration with Khatema Fibres, Moglix will improve native infrastructure and open new market alternatives for farmers and artisans, fostering group development and prosperity

This acquisition aligns with Moglix’s latest launch of Subsequent Day Supply in over 12 cities, with plans to increase to 40 cities

B2B market unicorn Moglix has purchased Uttarakhand-based eco pleasant paper merchandise producer Khatema Fibres for INR 80 Cr ($9.4 Mn).

With this deal, Moglix seeks to spice up its sustainable packaging portfolio and strengthen its management within the industrial procurement phase.

The corporate additionally plans to increase into 5 new manufacturing classes as a part of its broader enterprise technique, it stated in an announcement.

By means of its integration with Khatema Fibres, Moglix will improve native infrastructure and open new market alternatives for farmers and artisans, fostering group development and prosperity.

“This acquisition not solely expands our manufacturing footprint however allows us to ship even better worth as we meet the dynamic calls for of the market,” stated Rahul Garg, founder and CEO of Moglix.

This acquisition aligns with Moglix’s latest launch of Subsequent Day Supply in over 12 cities, with plans to increase to 40 cities. 

Based in 1990 Khatema Fibres is thought for specialising in sustainable paper manufacturing with an annual capability of fifty,000 metric tons. The corporate presents a variety of eco-friendly merchandise, together with speciality high-strength kraft paper, interleaving paper, machine-glazed and machine-finished papers, varied tissue choices, sublimation paper, virgin check liners, and food-grade packaging answer

By increasing its presence in Uttarakhand, Moglix goals to contribute to the state’s industrial development by creating job alternatives, selling ability improvement, and strengthening native manufacturing capabilities. 

Moreover, with this acquisition, Moglix plans to additional combine and diversify its choices, cut back lead occasions, and guarantee environment friendly supply.

Based in 2015 by Rahul Garg Moglix sells electrical provides, energy instruments, motors, medical provides, amongst others, via its on-line platform. The startup entered the unicorn membership in 2021 when it raised $120 Mn in its Sequence E. 

The Sequence E funding spherical was led by Falcon Edge Capital and Harvard Administration Firm (HMC), with participation from Tiger International, Sequoia Capital India and Enterprise Freeway. 

The event comes months after Moglix invested $50 Mn (INR 417.5 Cr) in its provide chain financing arm Credlix to gasoline its enlargement into the US and Mexico markets. 

Moglix can also be trying to shift its domicile to India as a part of its plans for a public itemizing. With the domicile shift, Garg lately stated it is going to look to make its public market debut within the subsequent two years.