DPIIT And Moglix Join Forces To Support Manufacturing Start-Ups In India

New Delhi, Dec 4 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) under the Commerce Ministry has signed a pivotal Memorandum of Understanding (MoU) with B2B e-commerce platform Moglix to provide comprehensive incubation support for manufacturing start-ups. 

The initiative aims to support over 25 growth-stage start-ups across critical sectors including chemicals, automotive, infrastructure, and green energy.

Under this collaboration, start-ups will receive multifaceted support, including access to Moglix's extensive mentor network, robust supply chain infrastructure, and financial assistance through Credlix, the company's non-banking financial company (NBFC) arm. 

Complementing this, DPIIT will leverage its Start-up India ecosystem to enhance program reach, facilitate resource-sharing, and extend nationwide outreach for participating start-ups.

Sanjiv Singh, Joint Secretary, DPIIT, emphasised the strategic importance of the initiative, stating, "Start-ups are catalysts for India's economic and technological progress.”

He emphasised, “This MoU with Moglix underscores our commitment to fostering innovation, nurturing entrepreneurship, and building a resilient manufacturing ecosystem aligned with India's vision of self-reliance."

Rahul Garg, Founder and CEO, Moglix, described the partnership as a transformative step for India's manufacturing sector. 

"By combining Moglix's technological expertise with DPIIT's strategic guidance, we aim to build a sustainable, innovation-driven manufacturing economy that empowers entrepreneurs and aligns with India's vision of becoming a global manufacturing hub," Garg explained.

The collaboration is particularly significant given Moglix's substantial market presence. Currently valued at USD 2.6 billion, the platform offers over 700,000 industrial items and supports more than 1,000 large manufacturers and 3,000 factories. 

This partnership represents the latest in DPIIT's strategic collaborations, following similar initiatives with companies like HCLSoftware, Merck Life Science, Shree Cement, Johnson Controls-Hitachi, and Michelin to bolster manufacturing start-up ecosystems.

By providing start-ups with collaborative opportunities, investment pathways, and critical resources, the DPIIT-Moglix partnership aims to cultivate globally competitive products and strengthen India's manufacturing landscape.

(KNN Bureau)