DPIIT and Moglix Collaborate to Support Manufacturing Startups

Nitin Konde, Varun Bhardwaj

Dec 6, 2024 — 2 min read

DPIIT Partners with Moglix to Boost Manufacturing Startups

A Memorandum of Understanding (MoU) has been inked by the Commerce Ministry's Department for Promotion of Industry and Internal Trade (DPIIT) and B2B e-commerce platform Moglix to offer manufacturing firms 12-month incubation support. More than 25 growth-stage firms in the automotive, green energy, chemicals, and infrastructure industries will receive help from the program.

Via Credlix, its NBFC arm, startups will have access to Moglix's mentor network, supply chain infrastructure, and financial support. DPIIT will expand the programme's reach through its Startup India ecosystem, which will make it easier for startups to adopt, share resources, and reach a national audience.

The Collaboration Aims To Nurture and Guide Manufacturing Startups

Sanjiv Singh, Joint Secretary, DPIIT, discussed the partnership and stated that startups are driving India's technological and economic advancement. This Memorandum of Understanding with Moglix demonstrates DPIIT's dedication to promoting entrepreneurship, innovation, and the development of a robust manufacturing environment in line with India's goal of independence.

According to a statement from Moglix, the programme will also give businesses access to resources, funding possibilities, and partnerships so they may develop globally competitive goods.

This partnership is a game-changer for India's manufacturing industry. Rahul Garg, founder and CEO of Moglix, stated that the partnership seeks to create a sustainable, innovation-driven manufacturing economy that empowers entrepreneurs and supports India's goal of becoming a global manufacturing hub by fusing Moglix's technological know-how with DPIIT's strategic direction.

With a current valuation of $2.6 billion, Moglix supports 3,000 industries and more than 1,000 major manufacturers while providing over 7 lakh industrial commodities. Moglix's commitment to improving supply chains and resolving issues faced by manufacturing companies in their growth stages is demonstrated by this partnership. It aligns with India's national goals of becoming a global industrial leader and boosting the GDP contribution of the manufacturing sector.

The development occurs at a time when several businesses are setting up accelerators and incubators to support the nation's startups. Two new firms were added to the first cohort of the KRAFTON India Gaming Incubator last month by the South Korean game company KRAFTON's India division. Before that, Vivek Raina, a cofounder of internet service provider Excitel, started an incubator to support businesses in Jammu & Kashmir.

The vibrant Indian startup scene, which has generated over $154 billion in funding between 2014 and September 2024, is at the centre of it all. There are 112 soonicorns and 118 unicorns in the nation. Up to 31 Indian startups have listed on the bourses, with a thriving ecosystem that includes almost 10,000 investors.