Credlix, the trade-financing arm of Moglix, plans to amplify its export finance to over US$10bn within five years by strengthening cross-border trade with Mexico, supporting India’s small and medium-sized exporters amidst growing global demand.
Credlix, the trade-financing arm of Moglix, says it has now arranged more than US$1bn of export finance for micro, small and medium-sized exporters and wants to multiply that tenfold within five years. Mint reported that the company aims to reach more than US$10bn in financing and expand its exporter base from just over 1,000 businesses to more than 10,000, underlining how aggressively it expects demand for cross-border working capital to grow.
That ambition matters because smaller companies carry an outsized share of India’s export economy while often facing the toughest funding conditions. Mint said MSMEs account for about 45% of India’s exports, yet conventional borrowing can still require collateral such as property, business assets or promoter guarantees. Export factoring is meant to solve a different problem: it gives an exporter cash against invoices owed by an overseas buyer, helping bridge the gap between shipment and payment when order books are rising but money is slow to come back.
Mexico has become the clearest corridor in that strategy. Credlix says it has committed more than US$100m during the 2026-27 financial year towards financing Mexican companies that buy from Indian suppliers. That sits against a broader official trade relationship that the Embassy of India in Mexico values at US$11.090bn for 2025, with Indian exports at US$9.13bn and imports from Mexico at US$1.969bn. The embassy says India is Mexico’s ninth-largest trading partner and argues that Mexico’s location creates near-shoring opportunities for companies trying to serve the US market.
The diplomatic backdrop helps explain why the company is talking so openly about that route. Finance-sector reports said the Embassy of India recently brought together Rahul Garg, founder and chief executive of Moglix and Credlix, with India’s ambassador to Mexico, Pankaj Sharma, and Coparmex leaders Jose Mora Medina and Juan Pablo Medina Mora Icaza for talks on strengthening commercial links. The embassy’s own account of recent engagement shows that, on 21 March 2026, India’s commerce minister, Piyush Goyal, also held a virtual meeting with Mexico’s economy minister, Marcelo Ebrard, to discuss deeper economic ties.
Credlix says its operating model is built for precisely these multi-jurisdictional transactions. The company combines an RBI-regulated non-bank finance business in India with an IFSCA-regulated entity in GIFT City, a structure it says allows it to support the manufacturer in India and the buyer overseas. Reports carrying the announcement on 4 September said the platform can finance trade in US dollars, euros and pounds sterling, and that it is targeting more than US$500m of export financing from India alone in FY27.
Garg’s central claim is that the market in India is still barely developed. In remarks reproduced across industry publications, he said export factoring remains “at an early stage” and that penetration is still below 1% of exports. His argument is that this leaves substantial room for specialist providers if Indian exporters continue moving into new markets and taking larger orders that tie up cash for longer than a domestic sale would.
Pramit Joshi, a vice-president at Credlix, has made a related point about infrastructure. He said domestic mechanisms such as TReDS were designed for a different setting, where buyer verification, know-your-customer checks, recovery and compliance work differently from the way they do in international trade. In that reading, trade agreements and market access can only take exporters so far; without reliable finance against foreign receivables, many smaller manufacturers will struggle to convert overseas demand into sustained growth.
The wider export backdrop is giving lenders a reason to test that thesis. Credlix said India’s merchandise exports reached US$173.78bn between April and July of FY27, up 17.04% on the same period a year earlier. After Mint reported the milestone on 3 September 2026, the announcement was republished on 4 September by outlets including Fintech Biz News, Passionate in Marketing, India CSR and NT Media. That does not by itself prove export factoring is about to become mainstream, but it does show where financiers believe the next bottleneck lies: not in finding overseas buyers, but in keeping enough cash moving through smaller exporters’ businesses while they wait to be paid.
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