Moglix acquires stake in NBFC Vanik for Rs 80 crore

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