Moglix Expands Next-Day Delivery, Amazon Pay ICICI Card Hits 5 Million, IREDA Gets 'BBB-' Rating

Moglix aims to expand its next-day delivery service to 40 cities by leveraging its existing network. Currently, it operates in 12 cities. Meanwhile, Amazon Pay ICICI Bank credit card has onboarded 5 million customers, and IREDA has been assigned 'BBB-' long-term issuer credit ratings by S&P Global Ratings.

Moglix, a B2B e-commerce platform, has announced plans to scale its next-day delivery service across 40 cities within a year by leveraging its existing network. Currently, the service operates in 12 cities, the company said on Thursday.

Founder and CEO Rahul Garg highlighted that 25% of their orders come from 12 major urban centres, where growth rates surpass the national average, but conversion rates were lower. This insight prompted the development of the next-day delivery service, he added.

In other news, Amazon Pay ICICI Bank credit card has crossed the 5 million customers mark, becoming India's first co-branded card to achieve this milestone. The card has one of the highest Net Promoter Scores (NPS) in the industry. Additionally, S&P Global Ratings has assigned 'BBB-' long-term and 'A-3' short-term issuer credit ratings to IREDA, with a stable outlook. IREDA, under the Ministry of New & Renewable Energy, provides financing for renewable energy projects.

(With inputs from agencies.)