Credlix, the cross-border trade financing arm of business-to-business commerce platform Moglix, has crossed $1 billion in export financing for micro, small and medium enterprises (MSMEs) and plans to grow this tenfold to $10 billion over the next five years, while expanding its base to more than 10,000 MSMEs.
The milestone comes as India seeks to make smaller businesses a larger part of its export economy. MSMEs account for a significant share of the country’s exports, at around 45%, but smaller exporters can struggle to access working capital. Credlix is betting that a lender with an understanding of the export trade can help bridge that gap.
Credlix has supported more than 1,000 across the country, Mexico, the US, West Asia, and Singapore so far. It primarily works with exporters in India and Mexico, though its financing has supported exports to more than 70 countries, the company claims.
It has also committed more than $100 million in 2026-27 towards financing Mexican companies, particularly those supplying buyers in Mexico from India.
Building a broader trade-finance business
Credlix provides a range of financing solutions, including purchase-order financing, invoice or sales-bill discounting, export and import factoring, vendor and channel finance and business loans. Its typical financing starts at around $50,000, with export financing generally linked to a 60-90 day shipment-to-payment cycle. The company primarily finances sales and receivables rather than inventory.
One of the challenges small exporters face when raising financing is that conventional options often require collateral, such as property, company assets, or promoter guarantees. Rahul Garg, founder and chief executive of Credlix and , argues that a lender with a deeper understanding of the underlying trade can assess the business differently.
“We understand the supplier, we understand the buyer, we understand the product, we understand the trade route, and we understand the risk. That is where we think we have an advantage,” said Garg.
Moglix has over 45,000 suppliers across industrial categories, giving the group visibility into the businesses and transactions it is financing. Credlix, however, doesn’t restrict itself to the Moglix customer base.
A nascent market
India’s export-finance opportunity is large, but specialized cross-border financing remains relatively underdeveloped. Merchandise exports were $441.8 billion in FY26, while accounted for roughly 45% of exports.
Cross-border factoring, a form of trade finance in which a financier advances funds against an unpaid overseas invoice, stood at about $1.1 billion in India in 2023, according to data from the International Financial Services Centres Authority (IFSCA).
The market includes specialist players such as Drip Capital, which provides working-capital finance to small and medium exporters, while KredX also offers trade and receivables financing. Banks remain significant providers of export credit, while domestic receivables platforms such as Trade Receivables Electronic Discounting System (TReDS) serve a different segment of the financing market.
Credlix is doubling down on the export factoring segment and targets financing over $500 million in exports in FY27 from India alone.
“India’s export factoring market is still at an early stage compared with more developed markets,” said Garg, who founded Moglix in 2015. “With factoring penetration in India at below 1% of exports, there is an opportunity to build greater awareness and specialist capabilities to help MSMEs secure export finance and scale their global businesses.”
The government is also trying to address the financing gap. The ₹25,060 crore Export Promotion Mission, announced in November 2025 and running from FY26 to FY31, focuses particularly on MSMEs and first-time exporters, with measures covering finance, market access, compliance and logistics. Among its interventions is a 2.75% interest subvention on export factoring costs, capped at ₹50 lakh per MSME annually. Government support effectively reduces the financing costs for the exporter.
FTAs open a new opportunity
The opportunity for export-finance providers such as Credlix could grow as India expands its network of free-trade agreements and seeks to diversify its export markets.
New Delhi signed trade deals with the UK, Oman and the European Free Trade Association (EFTA) in 2025, announced the conclusion of a deal with New Zealand, and concluded negotiations for a trade agreement with the European Union in January 2026. The India-UK trade agreement came into force this July, while the India-EU agreement is expected to open up access to one of India’s largest trading blocs.
For companies such as Credlix, this creates a potential new pool of exporters and export transactions that will require working capital.
But Garg argues that signing an FTA is only the beginning. “FTA utilization is equally hard,” he said, pointing to the need for exporters to understand product-level opportunities, competing suppliers, certifications and specifications in each market. That also shows the limits of export finance.
Garg said financing is not necessarily the biggest challenge for MSMEs. Finding overseas customers, building capacity before orders arrive and adapting products for foreign markets can be equally difficult.
Garg, who is also co-chair of industry body CII’s Manufacturing Council for FY27, sees the export-finance opportunity as part of a larger effort to increase India’s participation in global supply chains.
He argued that India will need faster manufacturing investment, greater spending on research and development, more industrial automation and improvements in productivity and quality standards if it is to move beyond its current relatively small share of global supply chains.
“The pipeline of reforms is exciting,” said Garg. “The question is, can we implement it fast enough?”